Economic Overview

GDP (PPP, billion USD): $32 billion (2024, Bank of Korea estimate)

GDP Per Capita (USD): $1,261 (2024, Bank of Korea estimate)

Growth rate (%): 3.7% (Real growth rate, 2024, Bank of Korea estimate)

Unemployment rate (%): 3% (World Bank estimate, 2023; 0% according to the Korea Central Bureau of Statistics)

Main Trade Partner: China (98%, $2.64 billion; 2024, Bank of Korea estimate)

Main Export Items: Mineral ores, arms, textile products, agricultural products, and fishery products

Main Import Items: Petroleum, coal, machinery, machine parts, wheat Petroleum and petroleum products, machinery, grains

Democratic People’s Republic of Korea (North Korea) has one of the most closed economies in the world. Despite the significant coal mines and mineral deposits in the country, North Korea experiences shortage of many essential consumption goods and needs international aid, particularly for food supply.

The international sanctions imposed by the UN Security Council have been effective in the economic downturn. Access to food has become a chronic problem due to adverse weather conditions such as drought and floods. The closure of borders until 2023 due to COVID-19 conditions has also negatively affected the economy.

North Korea, which lacks the financial capacity to modernize its economic infrastructure and has become dependent on foreign aid, has been able to gain relief in critical periods through financial support from South Korea during reunification negotiations, which have gained momentum from time to time.