NEWS： North Korea's economic contraction in 2018 was the largest in 21 years.
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The Bank of Korea said on Friday that the Korean economy shrank for the second consecutive year in 2018, with the largest contraction in 21 years, as a result of international sanctions and severe drought.
The Bank of Korea estimates that North Korea's real gross domestic product (GDP) shrank by 4.1% last year, the lowest level since 1997 and the second consecutive year after falling by 3.5% in 2017.
North Korea does not disclose economic statistics. Since 1991, the Bank of Korea has been publishing its estimates on the basis of information from various sources such as Korea's foreign trade institutions.
According to the Bank of Korea, North Korea's international trade volume shrank by 48.4% in 2018, with its exports falling by nearly 90% as the international community adopted stricter sanctions at the end of 2016 and 2017.
Mining output shrank by 17.8%, hampered by sanctions on coal and mineral exports; agriculture, forestry and Fisheries shrank by 1.8% due to drought.
According to the Bank of Korea, the population of North Korea is estimated to be about 25.13 million, with an annual per capita income of $1,298.
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