| 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 and shortages of spare parts. Large-scale military spending draws off resources needed for investment and civilian consumption. Industrial and power output have declined in parallel from pre-1990 levels. Severe flooding in the summer of 2007 aggravated chronic food shortages caused by on-going systemic problems including a lack of arable land, collective farming practices, 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 October 2005, the government tried to reverse some of these policies by forbidding private sales of grains and reinstituting a centralized food rationing system. By December 2005, the government terminated most international humanitarian assistance operations in North Korea (calling instead for developmental assistance only) and restricted the activities of remaining international and non-governmental aid organizations such as the World Food Program. External food aid now comes primarily from China and South Korea in the form of grants and long-term concessional loans. In May 2008, the US agreed to give 500,000 metric tons of food to North Korea via the World Food Program and US nongovernmental organizations; Pyongyang began receiving these shipments in mid-2008. During the October 2007 summit, South Korea also agreed to develop some of North Korea's infrastructure, natural resources, and light industry, but inter-Korean economic cooperation slowed in 2008 as Pyongyang restricted tourism and manufacturing joint ventures in the North, and food aid from South Korea was suspended. Firm political control remains the Communist government's overriding concern, which will likely inhibit the loosening of economic regulations. |
GDP (purchasing power parity):
|
$40 billion (2008 est.)
note: North Korea does not publish any reliable National Income Accounts data; the datum shown here is 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 2008 using estimated real growth rates for North Korea's GDP and an inflation factor based on the US GDP deflator; the result was rounded to the nearest $10 billion.
note: data are in 2008 US dollars |
GDP - per capita (PPP):
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$1,700 (2008 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$26.2 billion (2008 est.) |
GDP - real growth rate:
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-2.3% (2008 est.) |
GDP - composition by sector:
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agriculture: 23.3%
industry: 43.1%
services: 33.6% (2002 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:
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void |
Inflation rate (consumer prices):
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NA% |
Central bank discount rate:
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void |
Commercial bank prime lending rate:
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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:
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void |
Stock of domestic credit:
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void |
Stock of domestic credit - per capita:
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void |
Labor force:
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20 million
note: estimates vary widely (2004 est.) |
Labor force participation rate:
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88.24 % of population |
Labor force - by occupation:
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agriculture: 37%
industry and services: 63% (2004 est.) |
Unemployment rate:
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NA% |
Budget:
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revenues: $2.88 billion
expenditures: $2.98 billion (2005) |
Budget revenues per capita:
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128 USD per capita |
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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21.72 billion kWh (2007 est.) |
Electricity - production per capita:
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959 kWh per capita |
Electricity - consumption:
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18.18 billion kWh (2006 est.) |
Electricity - consumption - per capita:
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803 kWh per capita |
Electricity - exports:
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0 kWh (2007 est.) |
Electricity - imports:
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0 kWh (2007 est.) |
Oil - production:
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141 bbl/day (2007 est.) |
Oil - production per capita:
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7 bbl/day per capita |
Oil - consumption:
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24,000 bbl/day (2006 est.) |
Oil - consumption - per capita:
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0.39 bbl/year per capita |
Oil - exports:
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0 bbl/day (2006) |
Oil - imports:
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10,520 bbl/day (2007 est.) |
Oil - proved reserves:
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NA bbl |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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0 cu m (2007 est.) |
Natural gas - consumption - per capita:
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void |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2007 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2007) |
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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$1.684 billion f.o.b. (2007) |
Exports per capita:
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75 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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South Korea 45%, China 35%, Thailand 5% (2007) |
Imports:
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$3.055 billion c.i.f. (2007) |
Imports per capita:
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135 USD per capita |
Imports - commodities:
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petroleum, coking coal, machinery and equipment, textiles, grain |
Imports - partners:
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China 27%, South Korea 16%, Thailand 9%, Russia 7% (2006) |
Reserves of foreign exchange and gold:
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void |
Reserves of foreign exchange and gold - per capita:
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void |
Debt - external:
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$12.5 billion (2001 est.) |
Debt - external - per capita:
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552 USD per capita |
Stock of direct foreign investment - at home:
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void |
Stock of direct foreign investment - at home - per capita:
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void |
Stock of direct foreign investment - abroad:
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void |
Stock of direct foreign investment - abroad - per capita:
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void |
Market value of publicly traded shares:
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void |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
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void |
Economic aid - recipient:
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$372 million
note: approximately 65,000 metric tons in food aid through the World Food Program appeals in 2007, plus additional aid from bilateral donors and non-governmental organizations (2007 est.) |
Economic aid - recipient per capita:
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17 USD per capita |
Currency (code):
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North Korean won (KPW) |
Exchange rates:
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North Korean won (KPW) per US dollar - 140 (2007), 141 (2006), 170 (December 2004), market rate: North Korean won per US dollar - 3,400 (October 2008) |
Fiscal year:
|
calendar year |
|
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