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Sri Lanka Economy Profile 2013

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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 (LTTE). 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. Growth slowed to 3.5% in 2009. Economic activity rebounded with the end of the war and an IMF agreement, resulting in two straight years of 8% growth in 2010-11. Growth moderated to about 6% in 2012. 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. Strong remittances from Sri Lankan workers abroad have helped to offset the trade deficit.
GDP (purchasing power parity)$128.4 billion (2012 est.)
$120.6 billion (2011 est.)
$111.4 billion (2010 est.)
note: data are in 2012 US dollars
GDP (official exchange rate)$59.41 billion (2012 est.)
GDP - real growth rate6.4% (2012 est.)
8.2% (2011 est.)
8% (2010 est.)
GDP - per capita (PPP)$6,200 (2012 est.)
$5,900 (2011 est.)
$5,500 (2010 est.)
note: data are in 2012 US dollars
Gross national saving23.8% of GDP (2012 est.)
22.1% of GDP (2011 est.)
25.3% of GDP (2010 est.)
GDP - composition, by end usehousehold consumption: 69.6%
government consumption: 13.5%
investment in fixed capital: 28.9%
investment in inventories: 1.8%
exports of goods and services: 22.8%
imports of goods and services: -36.5%
(2012 est.)
GDP - composition by sectoragriculture: 11.1%
industry: 31.5%
services: 57.5% (2012 est.)
Population below poverty line8.9% (2010 est.)
Labor force8.194 million (2012 est.)
Labor force - by occupationagriculture: 31.8%
industry: 25.8%
services: 42.4% (June 2012)
Unemployment rate5.2% (2012 est.)
4.2% (2011 est.)
Unemployment, youth ages 15-24total: 19.4%
male: 16.3%
female: 24.7% (2010)
Household income or consumption by percentage sharelowest 10%: 1.6%
highest 10%: 39.5% (2009)
Distribution of family income - Gini index49 (2010)
46 (1995)
Investment (gross fixed)28.9% of GDP (2012 est.)
Budgetrevenues: $7.868 billion
expenditures: $11.63 billion (2012 est.)
Taxes and other revenues13.2% of GDP (2012 est.)
Budget surplus (+) or deficit (-)-6.3% of GDP (2012 est.)
Public debt77.7% of GDP (2012 est.)
78.4% of GDP (2011 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)7.5% (2012 est.)
6.7% (2011 est.)
Central bank discount rate7.5% (19 December 2012 est.)
7% (31 December 2011 est.)
Commercial bank prime lending rate13.25% (31 December 2012 est.)
9.41% (31 December 2011 est.)
Stock of narrow money$3.539 billion (31 December 2012 est.)
$3.852 billion (31 December 2011 est.)
Stock of broad money$21.89 billion (31 December 2011 est.)
$18.88 billion (31 December 2010 est.)
Stock of domestic credit$28.86 billion (31 December 2012 est.)
$26.53 billion (31 December 2011 est.)
Market value of publicly traded shares$16.92 billion (31 December 2012)
$19.44 billion (31 December 2011)
$19.92 billion (31 December 2010)
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 rate10.3% (2012 est.)
Current Account Balance-$4.737 billion (2012 est.)
-$4.638 billion (2011 est.)
Exports$9.785 billion (2012 est.)
$10.56 billion (2011 est.)
Exports - commoditiestextiles and apparel, tea and spices; rubber manufactures; precious stones; coconut products, fish
Exports - partnersUS 22.6%, UK 9.8%, India 6.4%, Belgium 5.2%, Germany 4.8%, Italy 4.3% (2012)
Imports$17.32 billion (2012 est.)
$18.24 billion (2011 est.)
Imports - commoditiespetroleum, textiles, machinery and transportation equipment, building materials, mineral products, foodstuffs
Imports - partnersIndia 21.3%, China 16.5%, Singapore 8.6%, Iran 7.7%, UAE 4.4%, Malaysia 4.3% (2012)
Reserves of foreign exchange and gold$6.831 billion (31 December 2012 est.)
$6.748 billion (31 December 2011 est.)
Debt - external$26.87 billion (31 December 2012 est.)
$23.98 billion (31 December 2011 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Exchange ratesSri Lankan rupees (LKR) per US dollar -
127.6 (2012 est.)
110.57 (2011 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 February 21, 2013