North Korea's economy revived by arms trade with Russia - Bloomberg
North Korea's economy has revived after arms trade with Russia provided support for the Kim Jong Un regime.
Bloomberg reports this with reference to data from the Central Bank of South Korea.
North Korea's gross domestic product grew by 3.1% in 2023 compared to the previous year, ending a three-year string of declines and showing the largest growth since 2016, according to estimates by the South Korean central bank.
The heavy and chemical industries were the leaders of economic growth, increasing by 8.1% year-on-year. Although the report does not say whether these industries are involved in weapons production, it notes an increase in the production of primary metals, which may include iron, steel, copper, nickel, and aluminum.
The Bank of Korea annually reports on North Korea's economy based on data it collects from various institutions, and its figures are considered one of the best analyses of its mysterious neighbor, Bloomberg writes.
Author - Dmitriy Levchenko, 26/07/2024
