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Sri Lanka Economy Profile 2018

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Economy - overviewSri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under an IMF program. The government's high debt payments and bloated civil service cadre, which have contributed to historically high budget deficits and low tax revenues, remain a concern. Government debt is almost 80% of GDP and remains among the highest of the 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.

Tourism has experienced strong growth during recent years following the resolution 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.
GDP (purchasing power parity)$278.2 billion (2017 est.)
$265.6 billion (2016 est.)
$254.5 billion (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)$83.57 billion (2016 est.)
GDP - real growth rate4.7% (2017 est.)
4.4% (2016 est.)
4.8% (2015 est.)
GDP - per capita (PPP)$13,000 (2017 est.)
$12,500 (2016 est.)
$12,100 (2015 est.)
note: data are in 2017 dollars
Gross national saving29.3% of GDP (2017 est.)
29% of GDP (2016 est.)
26.1% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 67.9%
government consumption: 8.6%
investment in fixed capital: 28.9%
investment in inventories: 3.3%
exports of goods and services: 21.3%
imports of goods and services: -30% (2017 est.)
GDP - composition by sectoragriculture: 7.8%
industry: 30.5%
services: 61.7% (2017 est.)
Population below poverty line6.7% (2012 est.)
Labor force8.937 million (2017 est.)
Labor force - by occupationagriculture: 28.4%
industry: 25.7%
services: 45.9% (30 Jun 2015)
Unemployment rate4% (2017 est.)
4% (2016 est.)
Unemployment, youth ages 15-24total: 20.7%
male: 16.5%
female: 27.3% (2015 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: $12.64 billion
expenditures: $16.66 billion (2017 est.)
Taxes and other revenues15.1% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-4.8% of GDP (2017 est.)
Public debt79.6% of GDP (2017 est.)
79.3% of GDP (2016 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)6% (2017 est.)
4% (2016 est.)
Central bank discount rate7% (30 September 2016)
6% (31 December 2015)
Commercial bank prime lending rate11.8% (31 December 2017 est.)
10.49% (31 December 2016 est.)
Stock of narrow money$5.213 billion (31 December 2017 est.)
$5.184 billion (31 December 2016 est.)
Stock of broad money$36.83 billion (31 December 2017 est.)
$32.2 billion (31 December 2016 est.)
Stock of domestic credit$51.72 billion (31 December 2017 est.)
$46.21 billion (31 December 2016 est.)
Market value of publicly traded shares$20.8 billion (31 December 2015 est.)
$23.67 billion (31 December 2014 est.)
$18.81 billion (31 December 2013 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 rate5.4% (2017 est.)
Current Account Balance-$2.094 billion (2017 est.)
-$1.942 billion (2016 est.)
Exports$10.93 billion (2017 est.)
$10.31 billion (2016 est.)
Exports - commoditiestextiles and apparel, tea and spices; rubber manufactures; precious stones; coconut products, fish
Exports - partnersUS 27.3%, UK 10.2%, India 7.3%, Germany 5%, Italy 4.2% (2016)
Imports$21.14 billion (2017 est.)
$19.4 billion (2016 est.)
Imports - commoditiespetroleum, textiles, machinery and transportation equipment, building materials, mineral products, foodstuffs
Imports - partnersIndia 21.7%, China 12.1%, UAE 6.1%, Singapore 5.9%, Japan 5.4% (2016)
Reserves of foreign exchange and gold$6.632 billion (31 December 2017 est.)
$6.019 billion (31 December 2016 est.)
Debt - external$47.8 billion (31 December 2017 est.)
$45.26 billion (31 December 2016 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Exchange ratesSri Lankan rupees (LKR) per US dollar -
154.1 (2017 est.)
145.58 (2016 est.)
145.58 (2015 est.)
135.86 (2014 est.)
130.57 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018

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