In 2022, South Korea's nominal gross domestic product (GDP) amounted to around 2,080 trillion South Korean won, while that of North Korea was approximately 36.2 trillion South Korean won. With this, South Korea’s nominal GDP was around 57 times greater than that of North Korea. South Korea's nominal GDP has increased continuously over the past decade. North Korea’s increased as well, but North Korea's GDP growth has been comparatively minimal.
Economic growth in South and North Korea
After the division of Korea and the subsequent Korean War, which ended with an armistice in 1953, North Korea for the time being had the edge in economic and industrial power. The heavy industries and power generation sector were located in what would become North Korea. Yet it was South Korea that succeeded in developing its industries and economies to become one of the biggest economies in the world. With international sanctions against North Korea making exports more difficult, the gap between South and North Korean GDP has widened steadily in the past decades.
Kaeseong Industrial Complex
The Kaeseong Industrial Complex was established in 2000 as part of South Korea’s cross-border collaboration efforts to soften North Korea’s hostile and aggressive attitude towards South Korea, and possibly open up deeper relations between the two Koreas. South Korea would provide the capital and businesses that set up in the complex would get cheap products of good quality, while North Korea and the locals would get work and pay. Unfortunately, the complex was also affected by tensions between the two Koreas and shut down in 2016, and has not been reopened since. As of 2015, the complex’s production value amounted to approximately 563.3 million U.S. dollars.
Comparison of the nominal gross domestic product (GDP) between South Korea and North Korea from 2010 to 2022
(in trillion South Korean won)
Characteristic
South Korea
North Korea
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Ministry of Unification (Südkorea). (August 23, 2023). Comparison of the nominal gross domestic product (GDP) between South Korea and North Korea from 2010 to 2022 (in trillion South Korean won) [Graph]. In Statista. Retrieved July 27, 2024, from https://www.statista.com/statistics/1035390/south-korea-gdp-comparison-with-north-korea/
Ministry of Unification (Südkorea). "Comparison of the nominal gross domestic product (GDP) between South Korea and North Korea from 2010 to 2022 (in trillion South Korean won)." Chart. August 23, 2023. Statista. Accessed July 27, 2024. https://www.statista.com/statistics/1035390/south-korea-gdp-comparison-with-north-korea/
Ministry of Unification (Südkorea). (2023). Comparison of the nominal gross domestic product (GDP) between South Korea and North Korea from 2010 to 2022 (in trillion South Korean won). Statista. Statista Inc.. Accessed: July 27, 2024. https://www.statista.com/statistics/1035390/south-korea-gdp-comparison-with-north-korea/
Ministry of Unification (Südkorea). "Comparison of The Nominal Gross Domestic Product (Gdp) between South Korea and North Korea from 2010 to 2022 (in Trillion South Korean Won)." Statista, Statista Inc., 23 Aug 2023, https://www.statista.com/statistics/1035390/south-korea-gdp-comparison-with-north-korea/
Ministry of Unification (Südkorea), Comparison of the nominal gross domestic product (GDP) between South Korea and North Korea from 2010 to 2022 (in trillion South Korean won) Statista, https://www.statista.com/statistics/1035390/south-korea-gdp-comparison-with-north-korea/ (last visited July 27, 2024)
Comparison of the nominal gross domestic product (GDP) between South Korea and North Korea from 2010 to 2022 (in trillion South Korean won) [Graph], Ministry of Unification (Südkorea), August 23, 2023. [Online]. Available: https://www.statista.com/statistics/1035390/south-korea-gdp-comparison-with-north-korea/