N.Korea's Economy Grows for 3rd Year

      June 30, 2014 12:03

      North Korea's economy has grown over the last three years from an admittedly paltry starting point.

      The Bank of Korea on Friday said the North's GDP grew 1.1 percent in 2013 compared to the previous year. It rose 1.3 percent in 2012 and 0.8 percent in 2011.

      North Korea's trade with the outside world totaled US$7.34 billion in 2013, up $530 million compared to 2012. But gross national income per capita stood at just W1.38 million a year, or 1/21 of South Korea's W28.7 million (US$1=W1,014).

      Last year, the North's nominal GNI stood at W33.8 trillion, which pales in comparison to South Korea's W1,441 trillion.

      Meanwhile, inter-Korean trade shrank 42.4 percent in 2013 to $1.14 billion.

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