The North Korean economy is estimated to have expanded at an annual rate o f 4.7 percent between 1956 and 1989, the Bank of Korea estimated.

North Korea's economy grew at a double-digit rate up until the 1960s, but has failed to catch up to that of South Korea since then, according to the central bank.

The BOK report said the North Korean economy is believed to have expanded at an average annual rate of 13.7 percent between the 1956-1960 period. Its growth nosedived to an average 4.1 percent in the 1961-1970 period, followed by average growth of 2.9 percent in the next decade and 2.4 percent in the 1981-1990 period. (Yonhap)