| Economy | North Korea |
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Economy - overview:
|
North Korea, one of the world's most centrally directed and least open economies, faces chronic economic problems. Industrial capital stock is nearly beyond repair as a result of years of underinvestment, shortages of spare parts, and poor maintenance. Large-scale military spending draws off resources needed for investment and civilian consumption. Industrial and power output have stagnated for years at a fraction of pre-1990 levels. Frequent weather-related crop failures aggravated chronic food shortages caused by on-going systemic problems, including a lack of arable land, collective farming practices, poor soil quality, insufficient fertilization, and persistent shortages of tractors and fuel. Large-scale international food aid deliveries have allowed the people of North Korea to escape widespread starvation since famine threatened in 1995, but the population continues to suffer from prolonged malnutrition and poor living conditions. Since 2002, the government has allowed private "farmers' markets" to begin selling a wider range of goods. It also permitted some private farming - on an experimental basis - in an effort to boost agricultural output. In December 2009, North Korea carried out a redenomination of its currency, capping the amount of North Korean won that could be exchanged for the new notes, and limiting the exchange to a one-week window. A concurrent crackdown on markets and foreign currency use yielded severe shortages and inflation, forcing Pyongyang to ease the restrictions by February 2010. In response to the sinking of the South Korean destroyer Cheonan and the shelling of Yeonpyong Island, South Korea's government cut off most aid, trade, and bilateral cooperation activities, with the exception of operations at the Kaesong Industrial Complex. In preparation for 2012, the 100th anniversary of Kim Il-sung's birthday, North Korea continued efforts to develop special economic zones with China and expressed willingness to permit construction of a trilateral gas pipeline that would carry Russian natural gas to South Korea. The North Korean government often highlights its 2012 goal of becoming a "strong and prosperous" nation and attracting foreign investment, a key factor for improving the overall standard of living. Nevertheless, firm political control remains the government's overriding concern, which likely will inhibit changes to North Korea's current economic system. |
GDP (purchasing power parity):
|
$40 billion (2011 est.)
$40 billion (2010 est.)
$40 billion (2009 est.)
note: data are in 2011 US dollars;
North Korea does not publish reliable National Income Accounts data; the data shown here are derived from purchasing power parity (PPP) GDP estimates for North Korea that were made by Angus MADDISON in a study conducted for the OECD; his figure for 1999 was extrapolated to 2009 using estimated real growth rates for North Korea's GDP and an inflation factor based on the US GDP deflator; the results were rounded to the nearest $10 billion. |
GDP - per capita (PPP):
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$1,800 (2011 est.)
$1,800 (2010 est.)
$1,900 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$28 billion (2009 est.) |
GDP - real growth rate:
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4% (2009 est.)
-0.4% (2008 est.)
-0.9% (2009 est.) |
GDP - composition by sector:
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agriculture: 20.8%
industry: 48.2%
services: 31% (2010 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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NA% |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
|
void |
Stock of money:
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void |
Stock of money - per capita:
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void |
Stock of quasi money:
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void |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
|
void |
Stock of domestic credit - per capita:
|
void |
Stock of narrow money:
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void |
Stock of broad money:
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void |
Labor force:
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12.2 million
note: estimates vary widely (2009 est.) |
Labor force participation rate:
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49.88 % of population |
Labor force - by occupation:
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agriculture: 35%
industry and services: 65% (2008 est.) |
Unemployment rate:
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NA% |
Unemployment, youth ages 15-24:
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void |
Budget:
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revenues: $3.2 billion
expenditures: $3.3 billion (2007 est.) |
Budget revenues per capita:
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131 USD per capita |
Taxes and other revenues:
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11.4% of GDP
note: excludes earnings from state operated enterprises (2007 est.) |
Budget surplus (+) or deficit (-):
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-0.4% of GDP (2007 est.) |
Public debt:
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void |
Industries:
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military products; machine building, electric power, chemicals; mining (coal, iron ore, limestone, magnesite, graphite, copper, zinc, lead, and precious metals), metallurgy; textiles, food processing; tourism |
Industrial production growth rate:
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NA% |
Electricity - production:
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22.52 billion kWh (2008 est.) |
Electricity - production per capita:
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921 kWh per capita |
Electricity - consumption:
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18.85 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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771 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
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0 kWh (2009 est.) |
Oil - production:
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118 bbl/day (2010 est.) |
Oil - production per capita:
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5 bbl/day per capita |
Oil - consumption:
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13,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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0.19 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
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15,810 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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0 cu m (2009 est.) |
Natural gas - consumption - per capita:
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void |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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0 cu m (2009 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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rice, corn, potatoes, soybeans, pulses; cattle, pigs, pork, eggs |
Current account balance:
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void |
Current account balance - per capita:
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void |
Exports:
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$2.557 billion (2010)
$1.997 billion (2009) |
Exports per capita:
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105 USD per capita |
Exports - commodities:
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minerals, metallurgical products, manufactures (including armaments), textiles, agricultural and fishery products |
Exports - partners:
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China 50.3%, Brazil 5.7%, Lebanon 4.7%, Dominican Republic 4.2%, Netherlands 4.1% (2010) |
Imports:
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$3.529 billion (2010)
$3.096 billion (2009) |
Imports per capita:
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145 USD per capita |
Imports - commodities:
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petroleum, coking coal, machinery and equipment, textiles, grain |
Imports - partners:
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China 40.6%, Algeria 34.2%, India 8.9% (2010) |
Reserves of foreign exchange and gold:
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void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
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$12.5 billion (2001 est.) |
Debt - external - per capita:
|
512 USD per capita |
Stock of direct foreign investment - at home:
|
$1.475 billion (31 December 2010 est.)
$1.437 billion (31 December 2009 est.) |
Stock of direct foreign investment - at home - per capita:
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61 USD per capita |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
North Korean won (KPW) |
Exchange rates:
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North Korean won (KPW) per US dollar (market rate)
145 (2011)
145 (2010 est.)
3,630 (December 2008)
140 (2007) |
Fiscal year:
|
calendar year |
|
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