North Korea Ends Seven-Year Growth Streak

Aug. 16, 2007
Manufacturing expanded 0.4%.

Due partly to floods and the international standoff over its nuclear program, North Korea's economy shrank an estimated 1.1% last year, South Korea's central bank said Aug. 16. The contraction in GDP followed seven years of expansion since a 6.2% rise in 1999, the Bank of Korea said.

Manufacturing expanded 0.4% year-on-year in 2006, compared to a 4.9% gain in 2005.

"Growth of external trade has also suffered a blow from the stand-off over its nuclear program," central bank analyst Shin Chang-Sik said.

The construction industry contracted 11.5% last year after growing 6.1% in 2005. Mining grew 1.9% last year after a 3.5% gain.

Copyright Agence France-Presse, 2007

About the Author

Agence France-Presse

Copyright Agence France-Presse, 2002-2024. AFP text, photos, graphics and logos shall not be reproduced, published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP shall not be held liable for any delays, inaccuracies, errors or omissions in any AFP content, or for any actions taken in consequence.

Sponsored Recommendations

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!