North Korea’s economic growth rate last year estimated 0.4% or positive conversion continues to be severe July 31 at 4:08 p.m.
South Korea’s central bank said that north Korea’s economy had turned positive for the first time in three years, with an estimated growth rate of 0.4 percent last year, but it has not yet reached a full-scale recovery and that the situation will continue to be severe due to the new coronavirus.
The Bank of Korea, South Korea’s central bank, announced on March 31 that the actual growth rate of North Korea’s GDP-gross domestic product last year was an estimated plus 0.4 percent, based on data on North Korea’s economic activity.
The previous day’s economic growth rate was estimated to be minus 4.1 percent, the largest drop in more than 20 years, but turned positive for the first time in three years.
Exports increased by 14.4%, and
Construction industry increased 2.9%,
Agriculture, forestry and fisheries accounted for plus 1.4%.
In addition to the increase in exports to China, such as watches, hats, wigs, etc., which are not subject to U.N. Security Council sanctions, bank officials in South Korea analyzed the fact that there were fewer droughts and typhoons in North Korea, as well as a series of development of tourist areas and the construction of power plants.
On the other hand, north Korea’s economy has yet to make a full-scale recovery, and due to the new Coronavirus, the border with China, which accounts for more than 90 percent of trade, has been blocked, indicating that the situation will continue to be severe.