North Korea’s economy shrank by four-point-five percent last year with its trade volume slashed by over 70 percent as the reclusive state was seriously affected by the COVID-19 pandemic.

Statistics Korea said Thursday that North Korea's gross domestic product(GDP) dropped by four-point-five percent in 2020 from 2019, posting the largest contraction since 1997. 

The agriculture fisheries sector dropped seven-point-six percent, while the mining and manufacturing industries and the service sector contracted five-point-nine and four percent, respectively.

North Korea's nominal GDP stands at 34-point-seven trillion won, which is one-56th of South Korea's, and its gross national income(GNI) per capita is 27 times lower than that of the South.

Trade volume dropped by over 73 percent, hitting the lowest level since 1990.

Statistics Korea cited COVID-19, a long monsoon season and typhoons on top of stifling sanctions, as some of the reasons behind Pyongyang's record low growth.