Economy of North Korea
North Korea is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, North Korea may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, North Korea exports around $3.95 billion and imports roughly $4.83 billion. 4.8% of population in the country are unemployed. The total number of unemployed people in North Korea is 1,229,312. In North Korea, 4.3% of the population lives below the poverty line. The percentage of citizens living below the poverty line in North Korea is low, indicating that it has a stable economy. Investors should consider North Korea to be a safe location for investments and other financial ventures. The Gini Index of the country is 31. North Korea is experiencing good equality. The majority of citizens in North Korea fall within a narrow range of income, although some cases may show significant differences. The Global Peace Index (GPI) for North Korea is 2.977.
Currency
The currency of North Korea is North Korean won. The plural form of the word North Korean won is won. The symbol used for this currency is ₩, and it is abbreviated as KPW. The North Korean won is divided into Chon; there are 100 in one won.
Credit rating
Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of North Korea.
Central bank
In North Korea, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of the Democratic People's Republic of Korea. Locally, the central bank of North Korea is called 조선민주주의인민공화국중앙은행.
Public debt
North Korea has a government debt of 144% of the country's Gross Domestic Product (GDP), as assessed in 2012.
Tax information
The corporate tax in North Korea is set at 25%. Personal income tax ranges from 0% to 20%, depending on your specific situation and income level. VAT in North Korea is 4%, and it is known as Korea VAT.
Finances
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in North Korea is $40 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in North Korea was last recorded at $0 million. PPP in North Korea is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in North Korea is 15 billion. Based on this statistic, North Korea is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in North Korea was last recorded at $0 million. The average citizen in North Korea has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in North Korea averaged 1% in 2014. According to this percentage, North Korea is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of North Korea.
Industry
Major industries in the country are military products, machine building, electric power, chemicals, mining (coal, iron ore, limestone, magnesite, graphite, copper, zinc, lead, and precious metals), metallurgy, textiles, food processing, tourism. The total labor force of North Korea is 16,282,500 people, wherein 4.8% of population in the country are unemployed. The total number of unemployed people in North Korea is 1,229,312. The Industrial Production growth rate of North Korea is 0%.To read more about industrial information within North Korea click on industry of North Korea.
Agriculture
There are 26972 km2 of arable land in North Korea, and it comprises 22% of the country's total territory. There are 28971 km2 of cultivated land in North Korea. The country's major agricultural crops and products are rice, corn, potatoes, soybeans, pulses, cattle, pigs, pork, eggs.To read more about agriculture click on agriculture of North Korea.