North Korea
North Korea has the structural profile of a relatively industrialized country where nearly half of the Gross Domestic Product is generated by industry and human development is at medium levels. Purchasing power parity (PPP) GDP is estimated at $40 billion, with a very low per capita value of $1,800. In 2012, Gross national income per capita was $1,523, compared to $28,430 in South Korea. The North Korean won is the national currency, issued by the Central Bank of the Democratic People's Republic of Korea.
Economy of North Korea
In 1979, North Korea renegotiated much of its international debt, but in 1980 it defaulted on its loans except those from Japan. By the end of 1986, hard-currency debt had reached more than US$1 billion. It also owed nearly $2 billion to communist creditors, principally the Soviet Union. The Japanese declared North Korea in default. By 2000, taking into account penalties and accrued interest, North Korea's debt was estimated at $10–12 billion. By 2012, North Korea's external debt had grown to an estimated US$20 billion despite Russia reportedly writing off about $8 billion of debt in exchange for participation in natural resources development. Besides Russia, major creditors included Hungary, the Czech Republic and Iran.