North Korea's Economic Decline
From a GDP on par with South Korea to a staggering decline
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North Korea's economy has experienced a significant decline in recent decades. Despite having a similar GDP per capita to its neighbor South Korea in the aftermath of the Korean War, North Korea's GDP has fallen far behind since the mid-1970s.
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From 1970 until 2019, North Korea's GDP averaged approximately $1,179 billion, reaching a peak of $1,800 billion in 2019. However, it also reached a record low of $485 billion during that same time period.
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North Korea's GDP for 2019 was estimated to be approximately $0.00 billion, a decline from the previous year. GDP at purchasers' prices is commonly used to measure the gross value added by all resident producers.
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In 1948, North Korea formally known as the Democratic People's Republic of Korea (DPRK), was founded under President Kim Il Sung. Since then, the country's economy has been marked by a series of ups and downs, but the overall trend has been one of decline.
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