Seoul: North Korea's economy witnessed its most substantial expansion in eight years in 2024, driven by a surge in exports and advancements within the construction and manufacturing industries, as announced by South Korea's central bank.

According to Anadolu Agency, the North Korean gross domestic product (GDP) is estimated to have grown by 3.7% on an annual basis in 2024, following a 3.1% growth the previous year. This growth rate is the largest since 2016, when the GDP expanded by 3.9% year-on-year.

The mining and manufacturing sectors played a crucial role in this growth, achieving a 7.6% year-on-year gain in 2024. Key contributors to this increase included coal, metals, non-metallic mineral output, and heavy and chemical industrial production. The construction industry also saw significant growth, expanding by 12.3% year over year, primarily due to an uptick in residential building projects.

While the agriculture sector experienced a decline of 1.9% last year, mainly due to reductions in livestock and forestry products, the services sector managed a 1.3% expansion. The mining and manufacturing sectors contributed 30.5% to the nation's GDP, the service sector 29.8%, and the agricultural sector 20.9%.

In terms of foreign trade, North Korea's foreign earnings in 2024 reached $2.7 billion, marking a 2.6% decrease from the previous year's $2.77 billion. Imports saw a decline of 4.4% to $2.34 billion, whereas exports increased by 10.8% to $360 million.

"North Korea has actively implemented national policy projects aimed at boosting its economy, including the five-year economic development plan, and has expanded economic cooperation with Russia," stated BOK official Park Chang-hyun during a press briefing, as reported by the Yonhap news agency.