North Korean economy in 2024 posts largest growth in 8 years

North Korean economy saw its largest expansion in eight years in 2024, led by increased exports and advancements in the construction and manufacturing industries, South Korea's central bank announced on Friday.

The North Korean gross domestic product (GDP) is estimated to have grown by 3.7% on an annual basis in 2024, following a 3.1% on-year growth in 2023, according to the Bank of Korea (BOK).

The growth rate from last year was the largest since 2016, when the GDP grew by 3.9% year-on-year.

Coal, metals, and non-metallic mineral output, as well as heavy and chemical industrial production, all contributed to the 7.6% year-on-year gain in the mining and manufacturing sector in 2024.

The construction industry grew 12.3% year over year, mostly as a result of an increase in the construction of residential buildings.

While the agriculture sector lost 1.9% last year, mostly as a result of declines in livestock and forestry products, the services sector expanded 1.3%.

The mining and manufacturing accounted for 30.5% of the nation's GDP, while the service sector contributed 29.8% and the agricultural sector contributed 20.9%.

In 2024, North Korea's foreign reached $2.7 billion, a decrease of 2.6% from $2.77 billion the year before.

Imports fell 4.4% to $2.34 billion, while exports increased 10.8% to $360 million.

"North Korea has actively implemented national policy projects aimed at boosting its economy, including the five-year economic development plan, and has expanded economic cooperation with Russia," BOK official Park Chang-hyun told a press briefing, according to the Yonhap news agency.