| Economy | Sri Lanka |
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Economy - overview:
|
Sri Lanka continues to experience strong economic growth, driven by largescale reconstruction and development projects following the end of the 26-year conflict with the LTTE. Sri Lanka is pursuing a combination of government directed policies, private investment, both foreign and domestic, to spur growth in disadvantaged areas, develop small and medium enterprises, and increase agricultural productivity. The government struggles with high debt interest payments, a bloated civil service, and historically high budget deficits. However recent reforms to the tax code have resulted in higher revenue and lower budget deficits in recent years. The 2008-09 global financial crisis and recession exposed Sri Lanka's economic vulnerabilities and nearly caused a balance of payments crisis, which was alleviated by a $2.6 billion IMF standby agreement in July 2009. The end of the civil war and the IMF loan, however, have largely restored investors' confidence, reflected in part by the Sri Lankan stock market's recognition as one of the best performing markets in the world. Sri Lankan growth rates averaged nearly 5% in during the war, but increased government spending on development and fighting the LTTE in the final years spurred GDP growth to around 6-7% per year in 2006-08. After experiencing 3.8% growth in 2009, Sri Lanka's economy again achieved growth rates above 7% per year in 2010-11. |
GDP (purchasing power parity):
|
$115.1 billion (2011 est.)
$107.6 billion (2010 est.)
$99.55 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$5,600 (2011 est.)
$5,300 (2010 est.)
$4,900 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$58.8 billion (2011 est.) |
GDP - real growth rate:
|
7% (2011 est.)
8% (2010 est.)
3.5% (2009 est.) |
GDP - composition by sector:
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agriculture: 13%
industry: 29.6%
services: 57.4% (2011 est.) |
Investment (gross fixed):
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27.3% of GDP (2011 est.) |
Population below poverty line:
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23% (2008 est.) |
Household income or consumption by percentage share:
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lowest 10%: 1.7%
highest 10%: 36.8% (2009) |
Distribution of family income - Gini index:
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40.3 (2007)
46 (1995) |
Inflation rate (consumer prices):
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7.7% (2011 est.)
5.9% (2010 est.) |
Central bank discount rate:
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5.5% (31 December 2010 est.)
15% (31 December 2009 est.) |
Commercial bank prime lending rate:
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9.7% (31 December 2011 est.)
10.22% (31 December 2010 est.) |
Stock of money:
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$2.462 billion (31 December 2008)
$2.465 billion (31 December 2007) |
Stock of money - per capita:
|
116 USD per capita |
Stock of quasi money:
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$11.01 billion (31 December 2008)
$10.46 billion (31 December 2007) |
Stock of quasi money - per capita:
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518 USD per capita |
Stock of domestic credit:
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$23.63 billion (31 December 2011 est.)
$20.44 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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1,111 USD per capita |
Stock of narrow money:
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$4.136 billion (31 December 2011 est.)
$3.579 billion (31 December 2010 est.) |
Stock of broad money:
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$22.52 billion (31 December 2011 est.)
$19.72 billion (31 December 2010 est.) |
Labor force:
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8.147 million (2011 est.) |
Labor force participation rate:
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38.28 % of population |
Labor force - by occupation:
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agriculture: 32.7%
industry: 24.2%
services: 43.1% (December 2010 est.) |
Unemployment rate:
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5.4% (2011 est.)
5.8% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 21.3%
male: 17.1%
female: 27.9% (2009) |
Budget:
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revenues: $8.931 billion
expenditures: $12.93 billion (2011 est.) |
Budget revenues per capita:
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420 USD per capita |
Taxes and other revenues:
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15.2% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-6.8% of GDP (2011 est.) |
Public debt:
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78.5% of GDP (2011 est.)
81.9% of GDP (2010 est.) |
Industries:
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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:
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10.5% (2011 est.) |
Electricity - production:
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10.71 billion kWh (2010 est.) |
Electricity - production per capita:
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504 kWh per capita |
Electricity - consumption:
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9.268 billion kWh (2010 est.) |
Electricity - consumption - per capita:
|
436 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
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0 kWh (2009 est.) |
Oil - production:
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636.5 bbl/day (2010 est.) |
Oil - production per capita:
|
30 bbl/day per capita |
Oil - consumption:
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92,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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1.58 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
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84,730 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
void |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
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rice, sugarcane, grains, pulses, oilseed, spices, vegetables, fruit, tea, rubber, coconuts; milk, eggs, hides, beef; fish |
Current account balance:
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-$2.808 billion (2011 est.)
-$1.472 billion (2010 est.) |
Current account balance - per capita:
|
-131 USD per capita |
Exports:
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$10.89 billion (2011 est.)
$8.307 billion (2010 est.) |
Exports per capita:
|
512 USD per capita |
Exports - commodities:
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textiles and apparel, tea and spices; rubber manufactures; precious stones; coconut products, fish |
Exports - partners:
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US 19.6%, UK 10.4%, Italy 5.1%, India 4.9%, Germany 4.9%, Belgium 4.1% (2010) |
Imports:
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$16.89 billion (2011 est.)
$12.16 billion (2010 est.) |
Imports per capita:
|
794 USD per capita |
Imports - commodities:
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petroleum, textiles, machinery and transportation equipment, building materials, mineral products, foodstuffs |
Imports - partners:
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India 19.4%, China 15.1%, Singapore 9.1%, Iran 7%, Japan 4.9% (2010) |
Reserves of foreign exchange and gold:
|
$8.4 billion (31 December 2011 est.)
$7.197 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
395 USD per capita |
Debt - external:
|
$21.74 billion (31 December 2011 est.)
$19.78 billion (31 December 2010 est.) |
Debt - external - per capita:
|
1,022 USD per capita |
Stock of direct foreign investment - at home:
|
$NA |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
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$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$22.14 billion (30 September 2011)
$19.92 billion (31 December 2010)
$8.133 billion (31 December 2009) |
Market value of publicly traded shares - per capita:
|
1,041 USD per capita |
Currency (code):
|
Sri Lankan rupee (LKR) |
Exchange rates:
|
Sri Lankan rupees (LKR) per US dollar -
112 (2011 est.)
113.06 (2010 est.)
114.95 (2009)
108.33 (2008)
110.78 (2007) |
Fiscal year:
|
calendar year |
|
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