Seoul central bank: NKorean economy grew last year

AAA??Jul. 8, 2012?2:46 AM ET
Seoul central bank: NKorean economy grew last year
AP

In this June 14, 2012 photo, North Korean farmers walk on a rural road on the outskirts of Pyongyang. South Korea's central bank said Sunday, July 8, 2012, that North Korea's economy grew for the first time in three years, thanks to a boost in agricultural production. (AP Photo/David Guttenfelder)

In this June 14, 2012 photo, North Korean farmers walk on a rural road on the outskirts of Pyongyang. South Korea's central bank said Sunday, July 8, 2012, that North Korea's economy grew for the first time in three years, thanks to a boost in agricultural production. (AP Photo/David Guttenfelder)

In this June 14, 2012 photo, North Korean farmers sit in a wagon on the outskirts of Pyongyang. South Korea's central bank said Sunday, July 8, 2012, that North Korea's economy grew for the first time in three years, thanks to a boost in agricultural production. (AP Photo/David Guttenfelder)

In this June 14, 2012 photo, North Korean military personnel walk on a rural road on the outskirts of Pyongyang. South Korea's central bank said Sunday, July 8, 2012, that North Korea's economy grew for the first time in three years, thanks to a boost in agricultural production. (AP Photo/David Guttenfelder)

In this April 10, 2012 photo, North Korean workers tend an apple orchard at a large-scale communal apple farm on the outskirts of Pyongyang. South Korea's central bank said Sunday, July 8, 2012, that North Korea's economy grew for the first time in three years, thanks to a boost in agricultural production. (AP Photo/David Guttenfelder)

In this June 14, 2012 photo, North Korean farmers tend a field on the outskirts of Pyongyang. South Korea's central bank said Sunday, July 8, 2012, that North Korea's economy grew for the first time in three years, thanks to a boost in agricultural production. (AP Photo/David Guttenfelder)

SEOUL, South Korea (AP) ? The central bank in Seoul says North Korea's economy grew for the first time in three years, thanks to a boost in agricultural production.

The Bank of Korea in South Korea said Sunday that the North's gross domestic product grew 0.8 percent in 2011.

The bank credits favorable weather and more use of fertilizer in boosting crop production in North Korea. It estimates the North's gross national income at $28 billion - compared to $1 trillion last year for South Korea.

The bank provides annual estimates of the North's economy by analyzing data gathered by South Korean government agencies. Pyongyang has not publicly released detailed economic data for decades.

The United Nations says North Korea continues to face chronic food shortages affecting two-thirds of the population.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-07-08-NKorea-Economy/id-e350653a99d64b9fb5a9eb8657142ab1

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