Asia > Korea, North > Economy

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Agriculture > products rice, corn, potatoes, soybeans, pulses; cattle, pigs, pork, eggs
Asian countries by GDP per capita > GDP Per capita	$1,400.00		[49th of 54]
Debt > External	$12,500,000,000.00		[6th of 136]
Economic aid > Recipient	$372,000,000.00		[8th of 134]
Economic freedom	0		[157th of 156]
Economy > Overview North Korea, one of the world's most centrally directed and least open economies, faces chronic economic problems. Industrial capital stock is nearly beyond repair as a result of years of underinvestment and shortages of spare parts. Industrial and power output have declined in parallel from pre-1990 levels. Due in part to severe summer flooding followed by dry weather conditions in the fall of 2006, the nation suffered its 13th year of food shortages because of on-going systemic problems including a lack of arable land, collective farming practices, and persistent shortages of tractors and fuel. During the summer of 2007, severe flooding again occurred. Large-scale international food aid deliveries have allowed the people of North Korea to escape widespread starvation since famine threatened in 1995, but the population continues to suffer from prolonged malnutrition and poor living conditions. Large-scale military spending draws off resources needed for investment and civilian consumption. Since 2002, the government has formalized an arrangement whereby private "farmers' markets" were allowed to begin selling a wider range of goods. It also permitted some private farming on an experimental basis in an effort to boost agricultural output. In October 2005, the government tried to reverse some of these policies by forbidding private sales of grains and reinstituting a centralized food rationing system. By December 2005, the government terminated most international humanitarian assistance operations in North Korea (calling instead for developmental assistance only) and restricted the activities of remaining international and non-governmental aid organizations such as the World Food Program. External food aid now comes primarily from China and South Korea in the form of grants and long-term concessional loans. During the October 2007 summit, South Korea also agreed to develop some of North Korea's infrastructure and natural resources and light industry. Firm political control remains the Communist government's overriding concern, which will likely inhibit the loosening of economic regulations.
Exchange rates official: North Korean won per US dollar - 170 (December 2004), 150 (December 2002), 2.15 (December 2001); market: North Korean won per US dollar - 300-600 (December 2002)
Exports	$1,466,000,000.00		[129th of 189]
Exports > Commodities minerals, metallurgical products, manufactures (including armaments), textiles, agricultural and fishery products
Exports to US	$100,000.00		[206th of 224]
Fiscal year	calendar year
GDP	$29,580,000,000.00		[65th of 203]
GDP (purchasing power parity)	$40,000,000,000.00		[94th of 187]
GDP > Composition by sector > Agriculture	23.3%		[14th of 146]
GDP > Composition by sector > Industry	43.1%		[6th of 146]
GDP > Composition by sector > Services	33.6%		[51st of 146]
GDP > Real growth rate	-1.1%		[182nd of 198]
Imports	$2,879,000,000.00		[118th of 185]
Market capitalization of listed companies > current US$	94,200,000,000 $		[13th of 110]
Trade balance with US	-$100,000.00		[107th of 224]

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