This is mainly due to significant growth in the production, construction and mining industry, as well as the expansion of economic cooperation between North Korea and Russia.
According to estimates by the Central Bank of South Korea, the North Korea’s economy in 2024 increased by 3.7%, which has been the fastest annual growth in the last eight years. Reuters writes about it on Friday, August 29th.
Significant growth has taken place due to expanding economic relations with Russia and the activation of internal industry projects.
In 2024, the DPRK economic growth rate was the highest since 2016, by 3.9%.
The heavy chemical industry (+10.7%), the mining industry (+8.8%) and construction, increased above all. The country’s trade volume reduced by 2.6% to $ 2.7 billion, but exports increased by 10.8%, including due to wigs and watches.
According to Bok, North Korea’s nominal gross national income in 2024 reached 1.72 million wins ($ 1239) per capita, equivalent to 3.4% of South Korea’s indicator, 50.1 million won.
Earlier, Bloomberg reported that the DPRK’s economy was resurrected against the back of the weapons with Russia and thus supported Kim Jong Inn.
North Korea gained more than $ 20 billion in Ukraine in the Russian Federation in Ukraine.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.