Economic Gap between North and South Korea continues to widen
The economic gap between North and South Korea continues to widen. For example, South Korea’s gross national income (GNI) jumped 10.7 percent to $606.1 billion, while North Korea’s rose 8.2 percent to $18.4 billion.
Moreover, the gap in per-capita GNI between the two Koreas also continued to widen to 15.5 times last year, up from 15.1 in 2002 and 14.4 in 2001.
South Korea’s gross domestic product (GDP) expanded 3.1 percent in 2003, down from the 7 percent growth in 2002, while North Korea saw its GDP grow 1.8 percent, up from the 1.2 percent expansion a year ago.
As in most developed capitalist nations, the service sector accounted for 57.2 percent of South Korean economy last year, followed by manufacturing with 26.9 percent. In contrast, 32.8 percent of the North Korean economy was supported by the service industry with the agricultural and fisheries sectors accounting for 27.2 percent.
With South Korea becoming a major global producer of cars, the difference in automobile production between the two Koreas stands out--to a huge gap of 662 times in 2003 as South Korean automakers produced a total of 3.18 million units while the North manufactured 4,800 units.
Indicative of both nations growing need for energy, South Korea relied on crude oil for 47.6 percent of its energy demand last year with the North depending on coal for 69.3 percent of its energy.
Moreover, the gap in per-capita GNI between the two Koreas also continued to widen to 15.5 times last year, up from 15.1 in 2002 and 14.4 in 2001.
South Korea’s gross domestic product (GDP) expanded 3.1 percent in 2003, down from the 7 percent growth in 2002, while North Korea saw its GDP grow 1.8 percent, up from the 1.2 percent expansion a year ago.
As in most developed capitalist nations, the service sector accounted for 57.2 percent of South Korean economy last year, followed by manufacturing with 26.9 percent. In contrast, 32.8 percent of the North Korean economy was supported by the service industry with the agricultural and fisheries sectors accounting for 27.2 percent.
With South Korea becoming a major global producer of cars, the difference in automobile production between the two Koreas stands out--to a huge gap of 662 times in 2003 as South Korean automakers produced a total of 3.18 million units while the North manufactured 4,800 units.
Indicative of both nations growing need for energy, South Korea relied on crude oil for 47.6 percent of its energy demand last year with the North depending on coal for 69.3 percent of its energy.
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