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North Korea posts fastest growth in 8 years in 2024, driven by Russia ties, Seoul says

  • North Korea's economy grew by 3.7 percent in 2024, marking its fastest growth in eight years, as reported by the Bank of Korea .
  • This growth was driven by significant increases in manufacturing and construction, with construction expanding by 12.3 percent and trade with Russia, according to BOK analysts.
  • Despite this growth, North Korea's economy remains small compared to South Korea, with a GDP of about $1,239 per capita, as indicated by the BOK.
  • Agricultural production fell by 1.9 percent, while the services sector grew by 1.3 percent, indicating shifts in North Korea's economic structure, according to the BOK.
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Bloomberg broke the news in United States on Friday, August 29, 2025.
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