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- North Korea's economy grew 3.9 percent in 2016, its fastest pace in 17 years, South Korea's central bank said on Friday
- That was despite international sanctions aimed at curbing North Korea's nuclear weapon program
- North Korea is facing severe food shortages due to the worst drought since 2001, a U.N. agency said
North Korea's economy grew at its fastest pace in 17 years in 2016, South Korea's central bank said on Friday, despite the isolated country facing international sanctions aimed at curbing its defiant pursuit of nuclear weapons.
Gross domestic product (GDP) in North Korea last year rose 3.9 percent from the previous year when the economy contracted due to a drought and low commodity prices, the Bank of Korea said. The expansion, driven by mining and energy, marked the biggest rise since a 6.1 percent gain in 1999.
North Korea, which counts China as its biggest trading partner, also boosted exports by 4.6 percent, the most since an 11.8 percent jump in 2013.
In February, China also banned all imports of coal from its reclusive neighbor, cutting off its most important export.
A Bank of Korea official declined to comment on how the Chinese coal ban and tightened international sanctions since last year would affect North Korea's economy in 2017. The United Nations' food agency said on Thursday North Korea is facing severe food shortages due to the worst drought since 2001.
Reference: Reuters
Read More: http://www.cnbc.com/2017/07/20/north-koreas-economic-growth-climbs-to-17-year-high-in-2016-despite-sanctions-targeting-nuclear-program.html
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