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North Korean Store. North Korea's economy shrank at its fastest pace in two decades in 2017, according to calculations of the Southern Bank Central Bank (SICB) on Friday. This is a clear signal that international sanctions imposed to stop Pyongyang's nuclear and missile programs have experienced a serious boom, reports Reuters. South Korea's gross domestic product (GDP) declined last year, 5% year-on-year, the largest decline since the 6.5% drop in 1997 when the country was isolated. was hit by a devastating famine, said the central bank. Industrial production, which accounts for about one-third of the country's total production, fell by 8.5% and also marks its largest production output in the agricultural and construction sectors. 1.3% and 4.4%, respectively. "The sanctions were stronger in 2017 than in 2016," said Shin Song-ol, head of "The volume of foreign trade has declined significantly since the ban on exports of coal, steel, fishing and textiles.It is difficult to give exact figures, but the ban ] strongly hit the industrial production, "said Shin The strong economic recession occurs at a time, in which badysts stress the need for the isolated country to move to the development of the economy North Korean leader Kim Chen Unan promised in April to Shake the country's strategic direction to develop nuclear arsenal to follow the example of China's socialist construction of the economy. " " the raw material is part of the sanctions – the most profitable element of export, Pyongyang has no choice but to continue negotiations in course with the United States, "said Kim Payon-yan, professor of economics at the Seoul National University Coal Industries and Production Sectors in North Korea have suffered after the intensification of UN Security Council sanctions following the Pyongyang nuclear test China – its largest trading partner , p sanctions in the second half of 2017, hit the manufacturing sector of the country. However, the North Korean black market has grown to about 60% of the economy.C & # 39; is where individuals and wholesalers buy and sell consumer goods or agricultural products. produced in China, according to the report of 1969009 China's total trade with North Korea decreased by 59, 2% in the first half of 2018 on an annual basis, China's customs data showed last week The gross national income per capita in North Korea was 1.46 million won ($ 1283.52) which is only about 4.4% of the size in South Korea, has declared the USSR North Korea's exports as a whole is down 37.2% in 2017, the largest decline since then in 1998 – by 38.5%, the USSR has said Friday, citing data from the Commercial Investment Promotion Agency
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