North Korean economy grows for first time in four years in 2023: Bank of Korea



News North Korean economy grows for first time in four years in 2023: Bank of Korea New report from Seoul’s central bank finds economy surged 3.1% as the DPRK eased pandemic border controls Anton Sokolin July 29, 2024 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON A North Korean worker at the Hungnam nitrogen fertilizer plant in South Hamgyong Province, North Korea \| Image: Eric Lafforgue (Sept. 2012) North Korea’s economy grew for the first time in four years in 2023, according to South Korea’s central bank, reversing a downward trend caused by Pyongyang’s border restrictions during the pandemic. The country’s real gross domestic product (GDP) surged by 3.1% to some $23.34 billion in 2023 compared to $22.7 billion the previous year, when the North Korean economy shrank by 0.2%, a new report by the Seoul-based Bank of Korea (BOK) states. North Korea’s economy grew for the first time in four years in 2023, according to South Korea’s central bank, reversing a downward trend caused by Pyongyang’s border restrictions during the pandemic. The country’s real gross domestic product (GDP) surged by 3.1% to some $23.34 billion in 2023 compared to $22.7 billion the previous year, when the North Korean economy shrank by 0.2%, a new report by the Seoul-based Bank of Korea (BOK) states. 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 Korean economy grows for first time in four years in 2023: Bank of Korea

New report from Seoul’s central bank finds economy surged 3.1% as the DPRK eased pandemic border controls

Anton Sokolin July 29, 2024

North Korean economy grows for first time in four years in 2023: Bank of Korea

A North Korean worker at the Hungnam nitrogen fertilizer plant in South Hamgyong Province, North Korea | Image: Eric Lafforgue (Sept. 2012)

North Korea’s economy grew for the first time in four years in 2023, according to South Korea’s central bank, reversing a downward trend caused by Pyongyang’s border restrictions during the pandemic.

The country’s real gross domestic product (GDP) surged by 3.1% to some $23.34 billion in 2023 compared to $22.7 billion the previous year, when the North Korean economy shrank by 0.2%, a new report by the Seoul-based Bank of Korea (BOK) states.

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