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Sri Lanka Economy Profile 2014

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Economy - overviewSri Lanka continues to experience strong economic growth following the end of the 26-year conflict with the Liberation Tigers of Tamil Eelam. The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government's high debt payments and bloated civil service have contributed to historically high budget deficits, but fiscal consolidation efforts and strong GDP growth in recent years have helped bring down the government's fiscal deficit. However, low tax revenues are a major concern. The 2008-09 global financial crisis and recession exposed Sri Lanka's economic vulnerabilities and nearly caused a balance of payments crisis. Agriculture slowed due to a drought and weak global demand affected exports and trade. In early 2012, Sri Lanka floated the rupee, resulting in a sharp depreciation, and took steps to curb imports. A large trade deficit remains a concern, but strong remittances from Sri Lankan workers abroad help offset the trade deficit. Government debt of about 80% of GDP remains among the highest in emerging markets.
GDP (purchasing power parity)$134.5 billion (2013 est.)
$126.6 billion (2012 est.)
$119 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$65.12 billion (2013 est.)
GDP - real growth rate6.3% (2013 est.)
6.4% (2012 est.)
8.2% (2011 est.)
GDP - per capita (PPP)$6,500 (2013 est.)
$6,100 (2012 est.)
$5,800 (2011 est.)
note: data are in 2013 US dollars
Gross national saving27% of GDP (2013 est.)
24% of GDP (2012 est.)
22.1% of GDP (2011 est.)
GDP - composition, by end usehousehold consumption: 69.7%
government consumption: 13.2%
investment in fixed capital: 29%
investment in inventories: 1.7%
exports of goods and services: 20.1%
imports of goods and services: -33.7%
(2013 est.)
GDP - composition by sectoragriculture: 10.6%
industry: 32.4%
services: 57% (2013 est.)
Population below poverty line8.9% (2010 est.)
Labor force8.528 million (2013 est.)
Labor force - by occupationagriculture: 31.8%
industry: 25.8%
services: 42.4% (June 2012)
Unemployment rate5.1% (2013 est.)
4% (2012 est.)
Unemployment, youth ages 15-24total: 17.3%
male: 14%
female: 23.5% (2012)
Household income or consumption by percentage sharelowest 10%: 1.6%
highest 10%: 39.5% (2009)
Distribution of family income - Gini index49 (2010)
46 (1995)
Budgetrevenues: $8.43 billion
expenditures: $12.57 billion (2013 est.)
Taxes and other revenues12.9% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-6.4% of GDP (2013 est.)
Public debt78.4% of GDP (2013 est.)
79.1% of GDP (2012 est.)
note: covers central government debt, and excludes debt instruments directly owned by government entities other than the treasury (e.g. commercial bank borrowings of a government corporation); the data includes treasury debt held by foreign entities as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement; sub-national entities are usually not permitted to sell debt instruments
Inflation rate (consumer prices)4.7% (2013 est.)
9.2% (2012 est.)
Central bank discount rate6.5% (31 December 2013 est.)
7.5% (19 December 2012 est.)
Commercial bank prime lending rate9.88% (31 December 2013 est.)
14.4% (31 December 2012 est.)
Stock of narrow money$3.629 billion (31 December 2013 est.)
$3.539 billion (31 December 2012 est.)
Stock of broad money$23.55 billion (31 December 2013 est.)
$20.39 billion (31 December 2012 est.)
Stock of domestic credit$32.98 billion (31 December 2013 est.)
$28.86 billion (31 December 2012 est.)
Market value of publicly traded shares$18.48 billion (31 November 2013 est.)
$17.05 billion (31 December 2012)
$19.44 billion (31 December 2011 est.)
Agriculture - productsrice, sugarcane, grains, pulses, oilseed, spices, vegetables, fruit, tea, rubber, coconuts; milk, eggs, hides, beef; fish
Industriesprocessing of rubber, tea, coconuts, tobacco and other agricultural commodities; telecommunications, insurance, banking; tourism, shipping; clothing, textiles; cement, petroleum refining, information technology services, construction
Industrial production growth rate10% (2013 est.)
Current Account Balance-$2.452 billion (2013 est.)
-$3.931 billion (2012 est.)
Exports$10.39 billion (2013 est.)
$9.774 billion (2012 est.)
Exports - commoditiestextiles and apparel, tea and spices; rubber manufactures; precious stones; coconut products, fish
Exports - partnersUS 20.4%, UK 9.9%, India 5.8%, Italy 4.7%, Belgium 4.3%, Germany 4.3% (2012)
Imports$18 billion (2013 est.)
$19.19 billion (2012 est.)
Imports - commoditiespetroleum, textiles, machinery and transportation equipment, building materials, mineral products, foodstuffs
Imports - partnersIndia 22.7%, Singapore 8.8%, UAE 7.7%, China 7%, Iran 6.1%, Malaysia 4.5% (2012)
Reserves of foreign exchange and gold$7.2 billion (31 December 2013 est.)
$6.9 billion (31 December 2012 est.)
Debt - external$33.67 billion (31 December 2013 est.)
$29.39 billion (31 December 2012 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Exchange ratesSri Lankan rupees (LKR) per US dollar -
129.6 (2013 est.)
127.6 (2012 est.)
113.06 (2010 est.)
114.95 (2009)
108.33 (2008)
Fiscal yearcalendar year
Economy Comparison

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of August 23, 2014