06:10 GMT +320 April 2018
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    A North Korean woman balances a pail on her head while she walks past men smoking by the road at the end of a work day on Wednesday, June 22, 2016, in Wonsan, North Korea.

    North Korean Economy Shrinks for the First Time in Five Years

    © AP Photo / Wong Maye-E
    Asia & Pacific
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    The North Korean economy shrugged in 2015 for the first time in five years, South Korea’s central bank said in a press release Friday.

    MOSCOW (Sputnik) — The Bank of Korea warns that it can only make estimations as the North does not release its economic indicators.

    "North Korean real annual GDP decreased by 1.1% in 2015, the lowest growth rate since 2007 (-1.2%)," the press release read.

    Mining and manufacturing represent the largest decline in GDP in the wake of serious decline of the price of coal, North Korea's main export, according to the bank's estimates.

    The recent round of the UN sanctions targeting trade in commodities is likely to further hurt the economy, the press release said.

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    Tags:
    Democratic Republic of North Korea (DPRK), exchange rates, export, economy, South Korea
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