| Economy | Sri Lanka |
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Economy - overview:
|
In 1977, Colombo abandoned statist- and import substitution-policies for more market- and export-oriented policies, including encouragement of foreign investment. Although suffering a brutal civil war that began in 1983, Sri Lanka saw GDP growth average nearly 4.5% in the last 10 years. Government spending on development and fighting the LTTE drove GDP growth to about 7% per year in 2006-07. Sri Lanka's most dynamic sectors are now food processing, textiles and apparel, food and beverages, port construction, telecommunications, and insurance and banking. About 1.5 million Sri Lankans work abroad, 90% of them in the Middle East. They send home more than $2.5 billion a year. Recent changes in government, however, have brought some retrenchment in economic policies. The current ruling Sri Lanka Freedom Party has a more statist economic approach, and seeks to reduce poverty by steering investment to disadvantaged areas, developing small and medium enterprises, promoting agriculture, and expanding the already enormous civil service. The end of the 30-year conflict with the LTTE has opened the door for reconstruction and development projects in the north and east. Funding these projects will be difficult, as the government aleady is faced with high debt interest payments, a bloated civil service, and high budget deficits. 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. But the end of the civil war and the IMF loan restored investors' confidence. The Sri Lankan stock market gained almost 100% during in 2009, one of the best performing markets in the world. |
GDP (purchasing power parity):
|
$96.83 billion (2009 est.)
$93.19 billion (2008 est.)
$87.92 billion (2007 est.)
note: data are in 2009 US dollars |
GDP - per capita (PPP):
|
$4,500 (2009 est.)
$4,400 (2008 est.)
$4,200 (2007 est.)
note: data are in 2009 US dollars |
GDP (official exchange rate):
|
$41.32 billion (2009 est.) |
GDP - real growth rate:
|
3.9% (2009 est.)
6% (2008 est.)
6.8% (2007 est.) |
GDP - composition by sector:
|
agriculture: 12.8%
industry: 29.2%
services: 58% (2009 est.) |
Investment (gross fixed):
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23.1% of GDP (2009 est.) |
Population below poverty line:
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23% (2002 est.) |
Household income or consumption by percentage share:
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lowest 10%: 1.1%
highest 10%: 39.7% (2004) |
Distribution of family income - Gini index:
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49 (2004)
34.4 (1995) |
Inflation rate (consumer prices):
|
3.3% (2009 est.)
22.6% (2008 est.) |
Central bank discount rate:
|
15% (31 December 2008)
15% (31 December 2007) |
Commercial bank prime lending rate:
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18.89% (31 December 2008) |
Stock of money:
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$2.441 billion (31 December 2008)
$2.465 billion (31 December 2007) |
Stock of money - per capita:
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115 USD per capita |
Stock of quasi money:
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$11.15 billion (31 December 2008)
$10.46 billion (31 December 2007) |
Stock of quasi money - per capita:
|
523 USD per capita |
Stock of domestic credit:
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$16.5 billion (31 December 2008)
$14.82 billion (31 December 2007) |
Stock of domestic credit - per capita:
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774 USD per capita |
Labor force:
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7.637 million
note: excludes northern and eastern provinces (2009 est.) |
Labor force participation rate:
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35.81 % of population |
Labor force - by occupation:
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agriculture: 32.7%
industry: 26.3%
services: 41% (30 September 2008 est.) |
Unemployment rate:
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7% (2009 est.)
5.205% (2008 est.) |
Budget:
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revenues: $6.224 billion
expenditures: $9.801 billion (2009 est.) |
Budget revenues per capita:
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292 USD per capita |
Public debt:
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82.9% of GDP (2009 est.)
76.7% of GDP (2008 est.) |
Industries:
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processing of rubber, tea, coconuts, tobacco and other agricultural commodities; telecommunications, insurance, banking; clothing, textiles; cement, petroleum refining, information technology services |
Industrial production growth rate:
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-0.9% (2009 est.) |
Electricity - production:
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9.901 billion kWh (2007 est.) |
Electricity - production per capita:
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465 kWh per capita |
Electricity - consumption:
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7.946 billion kWh (2007 est.) |
Electricity - consumption - per capita:
|
373 kWh per capita |
Electricity - exports:
|
0 kWh (2008 est.) |
Electricity - imports:
|
0 kWh (2008 est.) |
Oil - production:
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0 bbl/day (2008 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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89,000 bbl/day (2008 est.) |
Oil - consumption - per capita:
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1.52 bbl/year per capita |
Oil - exports:
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968 bbl/day (2007 est.) |
Oil - imports:
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87,690 bbl/day (2007 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2009 est.) |
Natural gas - production:
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0 cu m (2008 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2008 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2008 est.) |
Natural gas - imports:
|
void |
Natural gas - proved reserves:
|
0 cu m (1 January 2009 est.) |
Agriculture - products:
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rice, sugarcane, grains, pulses, oilseed, spices, tea, rubber, coconuts; milk, eggs, hides, beef; fish |
Current account balance:
|
$-1.727 billion (2009 est.)
$-3.876 billion (2008 est.) |
Current account balance - per capita:
|
-80 USD per capita |
Exports:
|
$7.232 billion (2009 est.)
$8.137 billion (2008 est.) |
Exports per capita:
|
340 USD per capita |
Exports - commodities:
|
textiles and apparel, tea and spices; diamonds, emeralds, rubies; coconut products, rubber manufactures, fish |
Exports - partners:
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US 21.6%, UK 11.9%, India 6.8%, Germany 5.1%, Belgium 4.8%, Italy 4.7% (2008) |
Imports:
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$9.801 billion (2009 est.)
$12.61 billion (2008 est.) |
Imports per capita:
|
460 USD per capita |
Imports - commodities:
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textile fabrics, mineral products, petroleum, foodstuffs, machinery and transportation equipment |
Imports - partners:
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India 20.3%, China 12.2%, Iran 7.6%, Singapore 7.4%, South Korea 4.7% (2008) |
Reserves of foreign exchange and gold:
|
$4.39 billion (31 December 2009 est.)
$2.655 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
206 USD per capita |
Debt - external:
|
$19.45 billion (31 December 2009 est.)
$16.78 billion (31 December 2008 est.) |
Debt - external - per capita:
|
913 USD per capita |
Stock of direct foreign investment - at home:
|
$NA (31 December 2009 est.)
$250.2 billion (31 December 2008 est.) |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$4.326 billion (31 December 2008)
$7.553 billion (31 December 2007)
$7.769 billion (31 December 2006) |
Market value of publicly traded shares - per capita:
|
203 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$1.189 billion |
Economic aid - recipient per capita:
|
56 USD per capita |
Currency (code):
|
Sri Lankan rupee (LKR) |
Exchange rates:
|
Sri Lankan rupees (LKR) per US dollar - 115 (2009), 108.33 (2008), 110.78 (2007), 103.99 (2006), 100.498 (2005) |
Fiscal year:
|
calendar year |
|
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