North Korea 2016 economic growth at 17-year high: South Korea

North Korea 2016 economic growth at 17-year high: South Korea

PanARMENIAN.Net - North Korea's economy grew at its fastest pace in 17 years in 2016, South Korea's central bank said on Friday, July 21, despite the isolated country facing international sanctions aimed at curbing its defiant pursuit of nuclear weapons, Reuters reports.

Gross domestic product (GDP) in North Korea last year rose 3.9 percent from the previous year when the economy contracted due to a drought and low commodity prices, the Bank of Korea said. The expansion, driven by mining and energy, marked the biggest rise since a 6.1 percent gain in 1999.

North Korea, which counts China as its biggest trading partner, also boosted exports by 4.6 percent, the most since an 11.8 percent jump in 2013.

Still, the isolated state's per capita gross national income

in 2016 was just 1.5 million won ($1,136), less than 5 percent of the comparable number in South Korea.

North Korea does not publish economic data. The Bank of Korea has released GDP data on North Korea every year since 1991 based on information from government agencies including South Korea's Ministry of Unification and the National Intelligence Service. The estimate is widely used by international organizations and researchers.

North Korea has been under U.N. sanctions since 2006 over its ballistic missile and nuclear programs and the Security Council has ratcheted up the measures in response to five nuclear tests and two long-range missile launches.

In February, China banned all imports of coal from its reclusive neighbor, cutting off its most important export. China is also restricting the flow of oil into the North.

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