Theweekendleader

N.Korean economy contracted 4.1% in 2018, says Seoul

Seoul

13-December-2019

The GDP of North Korea, whose impoverished economy faces large international sanctions, contracted 4.1 per cent in 2018, according to estimates published on Friday by the South Korean government.

North Korea's nominal GDP for 2018 was estimated at about 35.8 trillion won (about $30 billion), according to figures released by Statistics Korea in Seoul.

Pyongyang does not make public its economic data and other figures related to development indexes, reports Efe news.

Since 1995, South Korean government officials have been trying to produce an annual report based on the little available information.

South Korea's economy is believed to be 53 times that of the north, taking into account that in 2018, the South Korean nominal GDP was 1,899 trillion won ($1.6 trillion).

In turn, North Korea's per-capita income is estimated to have reduced by 3.8 per cent 1.42 million won (about $1,210) compared to 2017.

Its trade volume last year was about $2.84 billion - less than half of 2017 figures. Meanwhile, South Korea recorded $1.14 trillion in 2018.

North Korea's electricity output stood at about 24.9 billion kilowatts - about 23 times less than that generated by South Korea the same year.

As for population, North Korea grew slightly (approximately 200,000 people) to about 25.1 million.

Life expectancy was about 66.5 years for men and 73.3 years for women, compared to 79.7 and 85.7, respectively, in the South.IANS