North Korea GDP Annual Growth Rate

The economy of North Korea grew by 3.7% in 2024, the strongest expansion since 2016, from a 3.1% rise in 2023, driven largely by deepening economic ties with Russia. According to an official from the Bank of Korea (BOK), the improvement was due to significant increases in manufacturing, construction and mining industries, which were affected by strengthening of national policy projects domestically, and expansion of economic cooperation between North Korea and Russia externally. In particular, the heavy chemical sector surged 10.7%, the fastest growth on record, supported by increased production of metal products used in weapons exported to Russia.