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North Korea, one of the world's most centrally directed and least open economies, faces chronic economic problems. Industrial capital stock is nearly beyond repair as a result of years of underinvestment and shortages of spare parts. Large-scale military spending draws off resources needed for investment and civilian consumption. Industrial and power output have declined in parallel from pre-1990 levels. Severe flooding in the summer of 2007 aggravated chronic food shortages caused by on-going systemic problems including a lack of arable land, collective farming practices, and persistent shortages of tractors and fuel. Large-scale international food aid deliveries have allowed the people of North Korea to escape widespread starvation since famine threatened in 1995, but the population continues to suffer from prolonged malnutrition and poor living conditions. Since 2002, the government has allowed private "farmers' markets" to begin selling a wider range of goods. It also permitted some private farming - on an experimental basis - in an effort to boost agricultural output. In October 2005, the government tried to reverse some of these policies by forbidding private sales of grains and reinstituting a centralized food rationing system. By December 2005, the government terminated most international humanitarian assistance operations in North Korea (calling instead for developmental assistance only) and restricted the activities of remaining international and non-governmental aid organizations such as the World Food Program. In May 2008, the US agreed to give 500,000 metric tons of food to North Korea via the World Food Program and US nongovernmental organizations; Pyongyang began receiving these shipments in mid-2008, but in March 2009 rejected additional US aid shipments. The economy probably grew in 2009 as a result of favorable climate conditions and energy assistance from other countries. In December 2009, North Korea carried out a redenomination of its currency, capping the amount of North Korean won that could be exchanged for the new notes, and limiting the exchange to a one-week window. Firm political control remains the Communist government's overriding concern, which will likely inhibit the loosening of economic regulations.
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$40 billion (2009 est.)
country comparison to the world: 96
$40 billion (2008 est.)
$40 billion (2007 est.)
note:
data are in 2009 US dollars
Korea does not publish any reliable National Income Accounts data; the data shown here is derived from purchasing power parity (PPP) GDP estimates for North Korea that were made by Angus MADDISON in a study conducted for the OECD; his figure for 1999 was extrapolated to 2009 using estimated real growth rates for North Korea's GDP and an inflation factor based on the US GDP deflator; the results were rounded to the nearest $10 billion.
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$27.8 billion (2009 est.)
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3.7% (2009 est.)
country comparison to the world: 51
3.7% (2008 est.)
-2.3% (2007 est.)
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$1,900 (2009 est.)
country comparison to the world: 189
$1,800 (2008 est.)
$1,800 (2007 est.)
note:
data are in 2009 US dollars
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agriculture: 23.3%
industry:
43.1%
services:
33.6% (2002 est.)
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20 million
country comparison to the world: 31
note:
estimates vary widely (2004 est.)
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agriculture: 37%
industry and services:
63% (2004 est.)
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NA%
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NA%
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lowest 10%: NA%
highest 10%:
NA%
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revenues: $2.88 billion
expenditures:
$2.98 billion (2005)
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NA%
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rice, corn, potatoes, soybeans, pulses; cattle, pigs, pork, eggs
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military products; machine building, electric power, chemicals; mining (coal, iron ore, limestone, magnesite, graphite, copper, zinc, lead, and precious metals), metallurgy; textiles, food processing; tourism
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NA%
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20.9 billion kWh (2007 est.)
country comparison to the world: 70
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17.49 billion kWh (2007 est.)
country comparison to the world: 72
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0 kWh (2008 est.)
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0 kWh (2008 est.)
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92.99 bbl/day (2009 est.)
country comparison to the world: 111
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16,000 bbl/day (2009 est.)
country comparison to the world: 136
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0 bbl/day (2007 est.)
country comparison to the world: 190
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13,890 bbl/day (2007 est.)
country comparison to the world: 130
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0 bbl
country comparison to the world: 164
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0 cu m (2008 est.)
country comparison to the world: 171
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0 cu m (2008 est.)
country comparison to the world: 124
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0 cu m (2008 est.)
country comparison to the world: 80
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0 cu m (2008 est.)
country comparison to the world: 156
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0 cu m (1 January 2009 est.)
country comparison to the world: 156
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$2.062 billion (2008)
country comparison to the world: 127
$1.684 billion (2007)
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minerals, metallurgical products, manufactures (including armaments), textiles, agricultural and fishery products
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China 42%, South Korea 38%, India 5% (2008)
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$3.574 billion (2008)
country comparison to the world: 130
$3.055 billion (2007)
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petroleum, coking coal, machinery and equipment, textiles, grain
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China 57%, South Korea 25%, Russia 3%, Singapore 3% (2008)
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$12.5 billion (2001 est.)
country comparison to the world: 76
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North Korean won (KPW) per US dollar (market rate) - 3,630 (December 2008)
North Korean won (KPW) per US dollar (official rate) - 140 (2007), 141 (2006), 170 (December 2004)
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