North Korea's economy saw its biggest growth in eight years in 2024, driven by increased exports and progress in the construction and manufacturing sectors, South Korea's central bank announced.

North Korea's economy recorded its strongest growth in eight years in 2024, driven by increased exports and progress in construction and manufacturing. This was announced by South Korea's central bank.

North Korea's gross domestic product (GDP) increased by 3.7% year-on-year in 2024, following a 3.1% year-on-year increase in 2023, according to data from the Bank of Korea.

This is the highest growth since 2016, when GDP grew by 3.9%.

Coal, metal, and non-metal mineral production, as well as heavy and chemical industries, contributed to the 7.6% year-on-year growth in the mining and manufacturing sector in 2024.

The construction sector grew by 12.3% year-on-year, mainly as a result of an increase in residential construction.

While the agriculture sector recorded a decline of 1.9% last year, mainly due to a decrease in the production of animal and forestry products, the services sector expanded by 1.3%.

The mining and manufacturing sectors account for 30.5% of the country's GDP, while the service sector contributes 29.8% and the agriculture sector 20.9%.

In 2024, North Korea's foreign revenue reached $2.7 billion, down 2.6% from $2.77 billion in the previous year.

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

"North Korea is actively implementing national policy projects aimed at stimulating the economy, including the five-year economic development plan, and expanding economic cooperation with Russia," said central bank representative Park Chang-hyun. | BGNES