North Korean Economy Growing Despite Sanctions

Despite international sanctions aimed at curbing the country’s nuclear activities North Korea’s economy grew by 3.9 percent in 2016, which is the highest growth rate since 1999 (6.1 percent).

According to figures released by the Seoul-located Bank of Korea (BOK) on Friday, growth rates were the highest in the sectors mining and manufacturing (6.2 percent) as well as electricity, gas and water supply (22.3 percent). These sectors account for almost 40 percent of the total nominal GDP. Also, exports rose by 4.6 percent amounting to $2.82 billion year-over-year.

Since 1991, the South Korean bank has been releasing data on North Korea every year, using basic data on production quantities supplied by relevant institutions, including South Korea's Ministry of Unification and the National Intelligence Service.