NKorean economy grows fastest in 17 years

Despite international sanctions, North Korea's economy is growing at its fastest rate in 17 years.

North Korea's economy grew by 3.9 per cent last year, its fastest rate in 17 years, according to the central bank in South Korea.

The increase comes despite international sanctions on the country's communist leadership over its nuclear weapons program. Pyongyang does not publish any economic statistics.

According to the Seoul-based Bank of Korea's estimate released on Friday, North Korea experienced growth in agriculture, forestry, fishing, mining and manufacturing and also increased its electricity, gas and water supplies.

Trade increased by 4.7 per cent to $US6.55 billion, with exports of animal products and minerals growing particularly strongly. It is believed that around 80 per cent of North Korea's foreign trade is conducted with neighbouring China.

Not included in the trade figures is South Korea's trade with the North.

Trade between the two neighbours shrank by almost 90 per cent year-on-year after Seoul shut down the Kaesong industrial complex on the border in response to a rocket test by Pyongyang.


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Source: AAP


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