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Sri Lanka Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Sri Lanka Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under the IMF program it began in 2016. The government's high debt payments and bloated civil service, which have contributed to historically high budget deficits, remain a concern. Government debt is about 79% of GDP and remains among the highest of the emerging markets. In the coming years, Sri Lanka will need to balance its elevated debt repayment schedule with its need to maintain adequate foreign exchange reserves.

In May 2016, Sri Lanka regained its preferential trade status under the European Union’s Generalized System of Preferences Plus, enabling many of its firms to export products, including its top export garments, tax free to the EU. In 2017, Parliament passed a new Inland Revenue Act in an effort to increase tax collection and broaden the tax base in response to recommendations made under its IMF program. In November 2017, the Financial Action Task Force on money laundering and terrorist financing listed Sri Lanka as non-compliant, but reported subsequently that Sri Lanka had made good progress in implementing an action plan to address deficiencies.

Tourism has experienced strong growth in the years since the resolution of the government's 26-year conflict with the Liberation Tigers of Tamil Eelam. In 2017, the government promulgated plans to transform the country into a knowledge-based, export-oriented Indian Ocean hub by 2025.

GDP (purchasing power parity):
$275.8 billion (2017 est.)
$267 billion (2016 est.)
$255.6 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 61
[see also: GDP country ranks ]

GDP (official exchange rate):
$87.35 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.3% (2017 est.)
4.5% (2016 est.)
5% (2015 est.)
country comparison to the world: 106
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$12,900 (2017 est.)
$12,600 (2016 est.)
$12,200 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 121
[see also: GDP - per capita country ranks ]

Gross national saving:
33.8% of GDP (2017 est.)
32.8% of GDP (2016 est.)
28.8% of GDP (2015 est.)
country comparison to the world: 20
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 62% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 8.5% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 26.3% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 10.2% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 21.9% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -29.1% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 7.8% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 30.5% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 61.7% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
rice, sugarcane, grains, pulses, oilseed, spices, vegetables, fruit, tea, rubber, coconuts; milk, eggs, hides, beef; fish

Industries:
processing 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 rate:
4.6% (2017 est.)
country comparison to the world: 64
[see also: Industrial production growth rate country ranks ]

Labor force:
8.937 million (2017 est.)
country comparison to the world: 55
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 27%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 26%
[see also: Labor force - by occupation - industry country ranks ]
services: 47% (31 December 2016)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
4.4% (2017 est.)
4.4% (2016 est.)
country comparison to the world: 59
[see also: Unemployment rate country ranks ]

Population below poverty line:
6.7% (2012 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 32.2% (2012 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
39.2 (2012 est.)
46 (1995)
country comparison to the world: 73
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 12.07 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 16.88 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
13.8% (of GDP) (2017 est.)
country comparison to the world: 204
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.5% (of GDP) (2017 est.)
country comparison to the world: 174
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
79.1% of GDP (2017 est.)
79.6% 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 intragovernmental debt; intragovernmental 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
country comparison to the world: 35
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
6.5% (2017 est.)
4% (2016 est.)
country comparison to the world: 190
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
7.25% (30 November 2017)
6% (31 December 2015)
country comparison to the world: 45
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
11.6% (31 December 2017 est.)
10.49% (31 December 2016 est.)
country comparison to the world: 68
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$5.19 billion (31 December 2017 est.)
$5.184 billion (31 December 2016 est.)
country comparison to the world: 101
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$5.19 billion (31 December 2017 est.)
$5.184 billion (31 December 2016 est.)
country comparison to the world: 104
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$53.53 billion (31 December 2017 est.)
$46.21 billion (31 December 2016 est.)
country comparison to the world: 65
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$18.9 billion (30 September 2017 est.)
$23.67 billion (31 December 2014 est.)
$18.81 billion (31 December 2013 est.)
country comparison to the world: 65
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$2.31 billion (2017 est.)
-$1.743 billion (2016 est.)
country comparison to the world: 169
[see also: Current account balance country ranks ]

Exports:
$11.36 billion (2017 est.)
$10.31 billion (2016 est.)
country comparison to the world: 89
[see also: Exports country ranks ]

Exports - partners:
US 24.6%, UK 9%, India 5.8%, Singapore 4.5%, Germany 4.3%, Italy 4.3% (2017)

Exports - commodities:
textiles and apparel, tea and spices; rubber manufactures; precious stones; coconut products, fish

Imports:
$20.98 billion (2017 est.)
$19.18 billion (2016 est.)
country comparison to the world: 74
[see also: Imports country ranks ]

Imports - commodities:
petroleum, textiles, machinery and transportation equipment, building materials, mineral products, foodstuffs

Imports - partners:
India 22%, China 19.9%, Singapore 6.9%, UAE 5.7%, Japan 4.9% (2017)

Reserves of foreign exchange and gold:
$7.959 billion (31 December 2017 est.)
$6.019 billion (31 December 2016 est.)
country comparison to the world: 78
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$51.72 billion (31 December 2017 est.)
$45.26 billion (31 December 2016 est.)
country comparison to the world: 64
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA (31 December 2016)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Sri 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.)


NOTE: 1) The information regarding Sri Lanka on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Sri Lanka Economy 2019 information contained here. All suggestions for corrections of any errors about Sri Lanka Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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