North Korea Sees Strongest Economic Growth in Eight Years
(MENAFN) North Korea's economy experienced its most significant expansion in eight years in 2024, driven by rising exports and progress in the construction and manufacturing sectors, as reported by South Korea's central bank on Friday.
The North Korean gross domestic product (GDP) is projected to have grown by 3.7% compared to the previous year in 2024, following a 3.1% increase in 2023, according to the Bank of Korea (BOK).
The growth rate for 2024 represents the highest since 2016, when the GDP grew by 3.9% year-on-year.
The mining and manufacturing industries saw a 7.6% year-over-year rise in 2024, driven by stronger output in coal, metals, non-metallic minerals, and heavy and chemical industries.
The construction sector grew by 12.3% year-on-year, mainly due to a surge in residential building projects.
While the agricultural sector declined by 1.9% last year, largely due to a fall in livestock and forestry products, the services sector saw a 1.3% increase.
The mining and manufacturing sectors made up 30.5% of the nation’s GDP, while the services sector contributed 29.8%, and agriculture accounted for 20.9%.
In 2024, North Korea's foreign revenue totaled $2.7 billion, marking a 2.6% decrease from $2.77 billion in 2023.
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