North Korea’s economy contracts for second straight year, ROK central bank says



News North Korea’s economy contracts for second straight year, ROK central bank says Bank of Korea estimates 0.1% contraction as COVID, economic mismanagement and sanctions weigh on the economy Ethan Jewell July 28, 2022 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON A highway in Pyongyang, Jan. 11, 2018 \| Image: NK News North Korea's economy shrank for the second straight year in 2021, according to a new estimate by the Seoul-based Bank of Korea (BOK), as the country’s self-imposed pandemic isolation weighed on its economy. Drawing inferences from South Korean economic data, the BOK placed the North’s real gross domestic product (GDP) at just $25 billion last year. By comparison, South Korea’s GDP was $1.8 trillion in 2021 — over 50 times higher than the DPRK. North Korea's economy shrank for the second straight year in 2021, according to a new estimate by the Seoul-based Bank of Korea (BOK), as the country’s self-imposed pandemic isolation weighed on its economy. Drawing inferences from South Korean economic data, the BOK placed the North’s real gross domestic product (GDP) at just $25 billion last year. By comparison, South Korea’s GDP was $1.8 trillion in 2021 — over 50 times higher than the DPRK. Become a member for less than $5.75 per week. Unlimited access to all of NK News: reporting, investigations, analysis The NK News Daily Update, an email newsletter to keep you in the loop Searchable archive of all content, photo galleries, special columns Contact NK News reporters with tips or requests for reporting Get unlimited access to all NK News content, including original reporting, investigations, and analyses by our team of DPRK experts. Subscribe now All major cards accepted. No commitments – you can cancel any time. © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. Get the Daily Update Start your day with the North Korea stories that matter most – as selected by And how should we address you in correspondence? One more step! Please check your inbox, for an email we just sent you, and click on the confirmation message in it to get subscribed to our Daily News Update. Trending

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North Korea’s economy contracts for second straight year, ROK central bank says

Bank of Korea estimates 0.1% contraction as COVID, economic mismanagement and sanctions weigh on the economy

Ethan Jewell July 28, 2022

North Korea’s economy contracts for second straight year, ROK central bank says

A highway in Pyongyang, Jan. 11, 2018 | Image: NK News

North Korea's economy shrank for the second straight year in 2021, according to a new estimate by the Seoul-based Bank of Korea (BOK), as the country’s self-imposed pandemic isolation weighed on its economy.

Drawing inferences from South Korean economic data, the BOK placed the North’s real gross domestic product (GDP) at just $25 billion last year. By comparison, South Korea’s GDP was $1.8 trillion in 2021 — over 50 times higher than the DPRK.

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