Sri Lanka Economy - 2024

Economic overview

economic contraction in 2022-23 marked by increased poverty and significant inflation; IMF two-year debt relief program following 2022 sovereign default; structural challenges from non-diversified economy and rigid labor laws; heavy dependence on tourism receipts and remittances

Real GDP (purchasing power parity)

$270.6 billion (2022 est.)
$296.595 billion (2021 est.)
$287.046 billion (2020 est.)

note: data are in 2017 dollars

Real GDP growth rate

3.33% (2021 est.)
-3.47% (2020 est.)
-0.22% (2019 est.)

Real GDP per capita

$12,200 (2022 est.)
$13,400 (2021 est.)
$13,100 (2020 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$84.016 billion (2019 est.)

Inflation rate (consumer prices)

7.01% (2021 est.)
6.15% (2020 est.)
3.53% (2019 est.)

Credit ratings

Fitch rating: CCC (2020)

Moody's rating: Caa1 (2020)

Standard & Poors rating: CCC+ (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 7.8% (2017 est.)

industry: 30.5% (2017 est.)

services: 61.7% (2017 est.)

GDP - composition, by end use

household consumption: 62% (2017 est.)

government consumption: 8.5% (2017 est.)

investment in fixed capital: 26.3% (2017 est.)

investment in inventories: 10.2% (2017 est.)

exports of goods and services: 21.9% (2017 est.)

imports of goods and services: -29.1% (2017 est.)

Agricultural products

rice, coconuts, eggs, plantains, tea leaves, sugar cane, milk, cassava, maize, poultry

Industries

processing of rubber, tea, coconuts, tobacco and other agricultural commodities; tourism; clothing and textiles; mining

Industrial production growth rate

5.62% (2021 est.)

Labor force

8.268 million (2021 est.)

Unemployment rate

5.39% (2021 est.)
5.88% (2020 est.)
4.35% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 26.1% (2021 est.)

male: 21.1%

female: 35.6%

Population below poverty line

4.1% (2016 est.)

Gini Index coefficient - distribution of family income

39.3 (2016 est.)

Average household expenditures

on food: 28% of household expenditures (2018 est.)

on alcohol and tobacco: 2% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 3%

highest 10%: 32.2% (2012 est.)

Remittances

8.37% of GDP (2020 est.)
7.58% of GDP (2019 est.)
7.45% of GDP (2018 est.)

Budget

revenues: $10.623 billion (2019 est.)

expenditures: $17.496 billion (2019 est.)

Budget surplus (+) or deficit (-)

-5.5% (of GDP) (2017 est.)

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

Taxes and other revenues

7.68% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$1.083 billion (2020 est.)
-$1.843 billion (2019 est.)
-$2.799 billion (2018 est.)

Exports

$16.169 billion (2022 est.) note: data are in current year dollars
$14.974 billion (2021 est.) note: data are in current year dollars
$13.083 billion (2020 est.) note: data are in current year dollars

Exports - partners

United States 24%, India 8%, United Kingdom 7%, Germany 6%, Italy 4% (2022)

Exports - commodities

textiles (knit and non-knit garments); tea; rubber tires; precious stones; cinnamon (2022)

Imports

$19.244 billion (2022 est.) note: data are in current year dollars
$21.526 billion (2021 est.) note: data are in current year dollars
$18.271 billion (2020 est.) note: data are in current year dollars

Imports - partners

India 34%, China 19%, United Arab Emirates 6%, Malaysia 4%, Singapore 4% (2022)

Imports - commodities

refined and crude petroleum; knitted/woven fabrics; special purpose ships; packaged medicine; coal (2022)

Reserves of foreign exchange and gold

$3.137 billion (31 December 2021 est.)
$5.664 billion (31 December 2020 est.)
$7.648 billion (31 December 2019 est.)

Debt - external

$55.332 billion (2019 est.)
$52.567 billion (2018 est.)

Exchange rates

Sri Lankan rupees (LKR) per US dollar -

Exchange rates:
198.764 (2021 est.)
185.593 (2020 est.)
178.745 (2019 est.)
162.465 (2018 est.)
152.446 (2017 est.)