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The North Korean economy has declined at the fastest pace of the last two decades in 2017, according to estimates from the South Korean central bank released today, indicating that international sanctions imposed on programs of Pyongyang to Acquire Nuclear Weapons and Ballistic Missiles Strike Hard
North Korea's gross domestic product (GDP) fell by 3.5% last year compared to 2016, at a rate of was the highest since The country experienced famine and its GDP decreased by 6.5%, according to the Bank of Korea, the South Korean central credit institution.
Industrial production, which accounts for about one third of the country's GDP, fell by 8%, 5%, which is also the highest since 1997, due to restrictions on oil and other imports forms of energy in the country. Agricultural production decreased by 1.3% and the construction sector decreased by 4.4%.
The contraction of the North Korean economy is recorded as badysts stress that the isolated country must urgently turn to development policies, its leader, Kim Jong Oun, in April
Kim has pledged to shift the focus of development of nuclear arsenal to the "socialist economic construction" to the Chinese, a few weeks before the summit with N China, North Korea's largest trading partner, has applied more severely international sanctions in the second half of 2017.
The CTK is based on evidence gathered by the South Korean government and intelligence agencies for its estimates. It takes into account the size of the harvest in the rice fields in the border areas, the data on the movements of vehicles, the figures given by the dissidents who slashed. Government of North Korea does not publish official figures for the course of its economy
North Korea's GDP per capita is estimated at 1.46 million won (about 1,102 euros), or about 4, 4%
North Korea's exports fell by 37.2% in 2017, the highest rate since the 38.5% drop in 1998, according to the CT, citing figures from Korean Agency for Trade Promotion. and placement
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