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Sri Lanka Economy Profile 2016

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Economy - overviewSri Lanka continues to experience strong economic growth following the end of the government's 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 and low tax revenues remain a concern. Government debt of about 72% of GDP remains among the highest in emerging markets.

The new government in 2015 drastically increased wages for public sector employees, which boosted demand for consumer goods but hurt the overall balance of payments and reduced foreign exchange reserves.
GDP (purchasing power parity)$223 billion (2015 est.)
$212 billion (2014 est.)
$203 billion (2013 est.)
note: data are in 2015 US dollars
GDP (official exchange rate)$82.1 billion (2015 est.)
GDP - real growth rate5.2% (2015 est.)
4.5% (2014 est.)
3.4% (2013 est.)
GDP - per capita (PPP)$10,600 (2015 est.)
$10,100 (2014 est.)
$9,700 (2013 est.)
note: data are in 2015 US dollars
Gross national saving25.8% of GDP (2015 est.)
24.7% of GDP (2014 est.)
26.1% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 67.6%
government consumption: 13.5%
investment in fixed capital: 28.4%
investment in inventories: -0.9%
exports of goods and services: 21.2%
imports of goods and services: -29.8% (2015 est.)
GDP - composition by sectoragriculture: 8.1%
industry: 29.1%
services: 62.8% (2015 est.)
Population below poverty line8.9% (2010 est.)
Labor force8.928 million (2015 est.)
Labor force - by occupationagriculture: 28.4%
industry: 25.7%
services: 45.9% (30 Jun 2015)
Unemployment rate4.2% (2015 est.)
4.3% (2014 est.)
Unemployment, youth ages 15-24total: 20.1%
male: 15%
female: 27.8% (2013 est.)
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: $9.785 billion
expenditures: $15.38 billion (2015 est.)
Taxes and other revenues12.3% of GDP (2015 est.)
Budget surplus (+) or deficit (-)-7% of GDP (2015 est.)
Public debt74.7% of GDP (2015 est.)
71.8% of GDP (2014 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)0.9% (2015 est.)
3.3% (2014 est.)
Central bank discount rate6% (31 December 2015)
6.5% (31 December 2013)
Commercial bank prime lending rate7.4% (31 December 2015 est.)
7.84% (31 December 2014 est.)
Stock of narrow money$5.007 billion (31 December 2015 est.)
$4.591 billion (31 December 2014 est.)
Stock of broad money$26.79 billion (31 December 2015 est.)
$25.95 billion (31 December 2014 est.)
Stock of domestic credit$35.91 billion (31 December 2015 est.)
$33.21 billion (31 December 2014 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 rate2.7% (2015 est.)
Current Account Balance-$1.681 billion (2015 est.)
-$2.018 billion (2014 est.)
Exports$11.28 billion (2015 est.)
$11.13 billion (2014 est.)
Exports - commoditiestextiles and apparel, tea and spices; rubber manufactures; precious stones; coconut products, fish
Exports - partnersUS 26.1%, UK 9%, India 7.2%, Germany 4.3% (2015)
Imports$20.14 billion (2015 est.)
$19.42 billion (2014 est.)
Imports - commoditiespetroleum, textiles, machinery and transportation equipment, building materials, mineral products, foodstuffs
Imports - partnersIndia 24.6%, China 20.6%, UAE 7.1%, Singapore 5.9%, Japan 5.7% (2015)
Reserves of foreign exchange and gold$7.065 billion (31 December 2015 est.)
$8.209 billion (31 December 2014 est.)
Debt - external$45 billion (31 December 2015 est.)
$42 billion (31 December 2014 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Exchange ratesSri Lankan rupees (LKR) per US dollar -
140 (2015 est.)
130.57 (2014 est.)
130.57 (2013 est.)
127.6 (2012 est.)
110.57 (2011 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on October 8, 2016

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