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Economy of North Korea

This article is about the economy of Democratic People's Republic of Korea. For the Economy of Republic of Korea, see Economy of South Korea.

Economy of North Korea
CurrencyNorth Korean won (KPW, ₩)
Calendar year
Country group
Statistics
PopulationIncrease 27,540,000 (2023)[3]
GDP
GDP rank
GDP growth
1.0% (2023)
GDP per capita
GDP per capita rank
GDP by sector
Population below poverty line
  • 50%
  • 83% on less than $2.15 a day[6]
N/A
Labour force
Labour force by occupation
Unemployment
  • Negative increase 7.7% (2023)[9]
  • Positive decrease 6.9% youth unemployment (2021; 15 to 24 year-olds)[2]
Main industries
Military products, machine building, chemicals, mining (coal, iron ore, limestone, magnesite, graphite, copper, zinc, lead, and precious metals), agriculture, metallurgy, textiles, food processing[2]
External
Exports$4.8 billion (2023)[2]
Export goods
watch components, fake hair, iron alloys, instructional models, tungsten (2019)[2]
Main export partners
Imports$4.1 billion (2023)[2]
Import goods
clothing and apparel, soybean oil, rice, wheat products, clocks/watches (2019)[2]
Main import partners
FDI stock
Decrease $1.878 billion (December 31, 2015, est.)[2]
$3.1 billion (2023)[2]
Public finances
1.0% (of GDP) (2023 est.)[2]
Revenues3.4 billion (2023)[2]
Expenses3.5 billion (2023 est.)[2]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of North Korea is a centrally planned economy, following Juche, where the role of market allocation schemes is limited, although increasing.[11][12] As of 2022, North Korea continues its basic adherence to a centralized planned economy. With a total gross domestic product of $28.500 billion as of 2016, there has been some economic liberalization, particularly after Kim Jong Un assumed the leadership in 2012, but reports conflict over particular legislation and enactment.[13][14][15][16][17][18] Since the 1990s, informal market activity has increased, which the government has tolerated.[19] These markets are referred to as 'Jangmadang', and were formed as a result of the economic collapse during the 1990s, which made the regime unable to distribute food to its people.[20]

The collapse of the Eastern Bloc from 1989 to 1992, particularly North Korea's principal source of support, the Soviet Union, forced the North Korean economy to realign its foreign economic relations, including increased economic exchanges with South Korea. China is North Korea's largest trading partner. North Korea's ideology of Juche has resulted in the country pursuing autarky in an environment of international sanctions.[21] While the current North Korean economy is still dominated by state-owned industry and collective farms, foreign investment and corporate autonomy have increased.

North Korea had a similar GDP per capita to its neighbor South Korea from the aftermath of the Korean War until the mid-1970s,[22][23] but had a GDP per capita of less than $2,000 in the late 1990s and early 21st century. For 2018, the South Korean Bank of Korea estimated the GDP growth as −4.1%.[24] For the first time, in 2021, the South Korean Ministry of Unification estimated that the North Korean private sector outgrew the public sector.[12][25][26]

  1. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on October 28, 2019. Retrieved September 29, 2019.
  2. ^ a b c d e f g h i j k l m n o p q "Korea, North". CIA.gov. Central Intelligence Agency. Archived from the original on August 12, 2015. Retrieved April 27, 2020.
  3. ^ "Population, total – Korea, Dem. People's Rep". World Bank. Archived from the original on February 27, 2022. Retrieved May 1, 2023.
  4. ^ CNBC (July 20, 2017). "North Korea's 2016 economic growth climbs to 17-year high despite sanctions targeting nuclear program". CNBC. Archived from the original on May 12, 2019. Retrieved September 9, 2017.
  5. ^ "North Korea's Economy Is Growing at Its Fastest Pace Since 1999". Bloomberg. July 21, 2017. Archived from the original on April 18, 2019. Retrieved July 24, 2017 – via www.bloomberg.com.
  6. ^ "Poverty headcount ratio at $2.15 a day (2017 PPP) (% of population) - Korea, Dem. People's Rep". data.worldbank.org. World Bank. Archived from the original on September 24, 2023. Retrieved June 20, 2023.
  7. ^ "Labor force, total – Korea, Dem. People's Rep". data.worldbank.org. World Bank. Archived from the original on June 8, 2020. Retrieved April 27, 2020.
  8. ^ "Employment to population ratio, 15+, total (%) (modeled ILO estimate) – Korea, Dem. People's Rep". data.worldbank.org. World Bank & ILO. Archived from the original on July 31, 2020. Retrieved April 27, 2020.
  9. ^ "Unemployment Total (estimate) Korea, Dem. People's Rep". World Bank. Archived from the original on May 25, 2019. Retrieved May 1, 2023.
  10. ^ a b c d "OEC – North Korea (PRK) Exports, Imports, and Trade Partners". oec.world. Archived from the original on January 13, 2021. Retrieved June 24, 2021.
  11. ^ Cite error: The named reference 38north-20170406 was invoked but never defined (see the help page).
  12. ^ a b "North Korea's private sector overtakes state for first time under Kim Jong-un". The Independent. December 16, 2021. Archived from the original on December 16, 2021. Retrieved December 17, 2021.
  13. ^ Andrew Jabobs (October 14, 2012). "North Koreans See Few Gains Below Top Tier". The New York Times. Archived from the original on October 15, 2012. Retrieved October 15, 2012.
  14. ^ Ruediger Frank (October 2, 2012). "An Atmosphere of Departure and Two Speeds, Korean Style: Where is North Korea Heading?". 38 North. School of Advanced International Studies. Archived from the original on October 24, 2012. Retrieved October 25, 2012.
  15. ^ Cite error: The named reference baron-20130311 was invoked but never defined (see the help page).
  16. ^ Andrei Lankov (April 29, 2014). "Capitalism in North Korea: Meet Mr X, one of the new business elite". The Guardian. Archived from the original on July 14, 2014. Retrieved July 13, 2014.
  17. ^ Cite error: The named reference aljazeera-20140327 was invoked but never defined (see the help page).
  18. ^ Cite error: The named reference 38north-20170907 was invoked but never defined (see the help page).
  19. ^ Yeo, Andrew (2021). "State, Society and Markets in North Korea". Cambridge University Press. doi:10.1017/9781108888592. ISBN 9781108888592. Archived from the original on September 26, 2021. Retrieved September 26, 2021.
  20. ^ "A Changing North Korea". Archived from the original on November 11, 2022. Retrieved November 11, 2022.
  21. ^ Cite error: The named reference Savada1994 was invoked but never defined (see the help page).
  22. ^ Perry, Mark J. (December 21, 2011) Institutions Matter: Real Per Capita GDP in North and South Korea Archived July 26, 2013, at the Wayback Machine Intellectual Takeout, Retrieved May 9, 2013
  23. ^ Maddison, Angus "The World Economy A Millennial Perspective", OECD Development Studies Centre, ISBN 92-64-02261-9, (Published 2004), Table A3-c, also available on the Internet at "Archived copy" (PDF). Archived from the original (PDF) on May 30, 2012. Retrieved May 9, 2013.{{cite web}}: CS1 maint: archived copy as title (link) Retrieved May 8, 2013
  24. ^ "Gross Domestic Product Estimates* for North Korea in 2018" (PDF). Bank of Korea. July 26, 2019. Archived from the original (PDF) on June 8, 2020. Retrieved May 15, 2020.
  25. ^ "Private sector overtakes state as North Korea's top economic actor under Kim – S.Korea". WTVB | 1590 AM · 95.5 FM | The Voice of Branch County. Archived from the original on December 16, 2021. Retrieved December 17, 2021.
  26. ^ Shin, Hyonhee (December 16, 2021). "Private sector grows in North Korea". Manning River Times. Archived from the original on December 17, 2021. Retrieved December 17, 2021.


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