North Korea - Economy
How is the economy of North Korea? Based on the information we have, North Korea has a one of the last centrally planned economies; hard hit by COVID-19, crop failures, international sanctions, and isolationist policies; declining growth and trade, and heavily reliant on China; poor exchange rate stability; economic data integrity issues. Key agricultural products in this country include: maize, vegetables, rice, apples, cabbages, fruits, sweet potatoes, potatoes, beans, soybeans (2023).
More about the economy of North Korea
Labor force 15.966 million (2023 est.)
Industrial production growth rate 4.3% (2014 est.)
Industries 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
Population below poverty line
Taxes and other revenues
Fiscal year
Exchange rates
Currency North Korean won (KPW) per US dollar (average market rate)
Exchange rates 2017 135 (2017 est.)
Exchange rates 2016 130 (2016 est.)
Exchange rates 2015 130 (2015 est.)
Budget surplus (+) or deficit (-)
Imports
Imports 2018 $2.32 billion (2018 est.)
Imports 2016 $3.86 billion (2016 est.)
Imports (partners) China 97%, Togo 1%, Peru 1%, Gabon 1%, India 0% (2023)
Comodities Imports force processed hair, plastic products, garments, fabric, soybean oil (2023)
Exports
Imports 2018 $2.32 billion (2018 est.)
Imports 2016 $3.86 billion (2016 est.)
Exports (partners) China 74%, Poland 3%, Senegal 3%, Angola 3%, Austria 3% (2023)
Comodities Exports force fake hair, iron alloys, tungsten ore, electricity, cars (2023)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2015 $40 billion (2015 est.)
GDP (official exchange rate) $28 billion (2013 est.)
Real GDP Per capita
Real GDP per capita 2015 $1,700 (2015 est.)
Real GDP per capita 2014 $1,800 (2014 est.)
GDP - composition, by sector of origin
Agriculture 22.5% (2017 est.)
Industry 47.6% (2017 est.)
Services 29.9% (2017 est.)
GDP - composition, by end use
Exports of goods and services 5.9% (2016 est.)
Imports of goods and services -11.1% (2016 est.)
Unemployment rate
Unemployment rate 2023 3% (2023 est.)
Unemployment rate 2022 2.97% (2022 est.)
Unemployment rate 2021 3.13% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 7.1% (2023 est.)
Male 6.3% (2023 est.)
Female 7.8% (2023 est.)
All Important Facts about North Korea

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North Korea is found in Eastern Asia