The report on the implementation of the state budget for 2022, as well as the draft state budget for 2023, were considered and adopted at the eighth session of the Supreme People's Assembly of North Korea on January 17 and 18.
In general, the expenditures of the state budget of North Korea will increase by 1.7% in 2023. The total cost of developing the country's economy and improving the lives of the people will amount to 45% of budget allocations, the report said.
A submarine-launched ballistic missile is displayed in Kim Il Sung Square during a military parade in Pyongyang, North Korea, April 15, 2017, to celebrate the 105th birth anniversary of Kim Il Sung, the country's late founder and grandfather of current ruler Kim Jong Un.
© AP Photo / Wong Maye-E
In particular, spending on education will increase by 0.7%, healthcare by 0.4%, culture by 0.3%, sports by 0.1%, and the construction of residential, industrial and public facilities by 0.3%, the report noted, adding that as a priority, spending on the construction of villages and the modernization of agricultural production will increase by 14.7%.
At the same time, South Korea increased its defense budget by an average of 7% per year from 2018 to 2021, and by 3.4% in 2022. In 2023, defense spending is expected to rise by 4.4% to 57.1 trillion won ($46.3 billion).