According to a North Korea economist, the growth rate was 3.7% in 2017, lifting GDP to $29.6 billion in 2018. Reported planned capital expenditure, mainly on roads and public buildings, increased by 4.3% in 2014, 8.7% in 2015 to 13.7% in 2016. North Korea reported that the government budget has been increasing at between 5% and 10% annually from 2007 to 2015.

According to analyst Andrei Lankov, writing in 2017, a significant number of observers believe that the Bank of Korea is too conservative and the real growth rate is 3–4%. This analysis converts production volume estimates into South Korean prices, so is subject to price changes over time of South Korean goods. It has published the following estimates of North Korea's GDP growth: GDP growth by year ( Bank of Korea estimate) It estimated that the real GDP of North Korea in 2015 was 30,805 billion South Korean won. The South Korea-based Bank of Korea estimated that over 2000 to 2013 average growth was 1.4% per year. By about 2010, external trade had returned to 1990 levels. North Korean annual budget reports suggest state income roughly tripled between 20. It is estimated that North Korea's GNP nearly halved between 19. South Korea's GNP, by contrast, expanded by 9.3% and 8.4%, respectively, in 19. North Korea's GNP in 1991 showed a 5.2% decline from 1989, and preliminary indications were that the decline would continue. In contrast, South Korea posted US$237.9 billion of GNP and a per capita income of US$5,569 in 1991. The South Korean government's estimate placed North Korea's GNP in 1991 at US$22.9 billion, or US$1,038 per capita. Size of the North Korean economy Įstimating gross national product in North Korea is a difficult task because of a dearth of economic data and the problem of choosing an appropriate rate of exchange for the North Korean won, the nonconvertible North Korean currency.

2.3 Efforts at modernization since 1991.

2.1 Colonial period and post Second World War.

For the first time, in 2021, the North Korean private sector outgrew the public sector. For 2018, the South Korean Bank of Korea estimated the GDP growth as −4.1%. North Korea had a similar GDP per capita to its neighbor South Korea from the aftermath of the Korean War until the mid-1970s, but had a GDP per capita of less than $2,000 in the late 1990s and early 21st century. While the current North Korean economy is still dominated by state-owned industry and collective farms, foreign investment and corporate autonomy have increased. North Korea's ideology of Juche has resulted in the country pursuing autarky in an environment of international sanctions. China is North Korea's largest trading partner. The collapse of the Eastern Bloc from 1989 to 1992, particularly North Korea's principal source of support, the Soviet Union, forced the North Korean economy to realign its foreign economic relations, including increased economic exchanges with South Korea. Since the 1990s, informal market activity has increased, which the authoritarian regime has tolerated.

With a total gross domestic product of $28.500 billion as of 2016, there has been some economic liberalization, particularly after Kim Jong-un assumed the leadership in 2012, but reports conflict over particular legislation and enactment. As of 2022, North Korea continues its basic adherence to a centralized command economy. The economy of North Korea is a centrally planned economy, following Juche, where the role of market allocation schemes is limited, although increasing. All values, unless otherwise stated, are in US dollars.

Budget calendar printable free 2017