The economy of North Korea is an industrialised, highly centralized command economy. The role of market allocation is sharply limited – mainly in the rural sector where peasants sell produce from small private plots. There are almost no small businesses.
Pyongyang is the capital of North Korea. Pyongyang has been completely redesigned since the Korean War (1950?1953). It is designed with wide avenues, imposing monuments, and monolithic buildings. The city also has regular international train services to Beijing and Moscow. A journey to Beijing takes about 25 hours and 25 minutes; a journey to Moscow takes 6 days.
Pyongyang has an overall cost of living index which equates it with low cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups.
The latest cost of living rank for each of the 13 Basket Groups is now available.