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NKorean economy grew last year: Seoul central bank
Added At: 2012-07-08 11:30 AM
Last Updated At: 2012-07-08 11:30 AM
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In this June 14, 2012 photo, North Korean farmers walk on a rural road on the outskirts of Pyongyang. South Korea's central bank said Sunday, July 8, 2012, that North Korea's economy grew for the first time in three years, thanks to a boost in agricultural production.
ASSOCIATED PRESS
SEOUL: The central bank in Seoul says North Korea's economy grew for the first time in three years, thanks to a boost in agricultural production.
The Bank of Korea in South Korea said Sunday that the North's gross domestic product grew 0.8 percent in 2011.
The bank credits favorable weather and more use of fertilizer in boosting crop production in North Korea. It estimates the North's gross national income at $28 billion - compared to $1 trillion last year for South Korea.
The bank provides annual estimates of the North's economy by analyzing data gathered by South Korean government agencies. Pyongyang has not publicly released detailed economic data for decades.
The United Nations says North Korea continues to face chronic food shortages affecting two-thirds of the population.
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Posted on: 2012-07-08 22:58:36
that's what makes a difference between a capitalism and socialism. same people, same geography, yet so different. North Korean should now think, if they are allowed to think, which system they want to live. it is more than 50 years since the country separated and the world can learn from it. desman, kathmandu