| Economy | Sri Lanka |
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Economy - overview:
|
In 1977, Colombo abandoned statist economic policies and its import substitution trade policy for more market-oriented policies, export-oriented trade, and encouragement of foreign investment. Recent changes in government, however, have brought some policy reversals. Currently, the ruling Sri Lanka Freedom Party has a more statist economic approach, which 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 government has halted privatizations. Although suffering a brutal civil war that began in 1983, Sri Lanka saw GDP growth average 4.5% in the last 10 years with the exception of a recession in 2001. In late December 2004, a major tsunami took about 31,000 lives, left more than 6,300 missing and 443,000 displaced, and destroyed an estimated $1.5 billion worth of property. Government spending on development and fighting the LTTE drove growth to about 6% per year in 2006-08, but high government spending and high oil and commodity prices also pushed inflation past 20% in 2008. Sri Lanka's most dynamic sectors now are food processing, textiles and apparel, food and beverages, port construction, telecommunications, and insurance and banking. In 2008, plantation crops made up only about 20% of exports (compared with more than 90% in 1970), while textiles and garments accounted for more than 40%. 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. The 25-year civil conflict between LTTE and the government of Sri Lanka has been a serious impediment to economic activities. By mid February 2009, the LTTE remained in control of small and shrinking area in the North. The conflict continues to cast a shadow over the economy. |
GDP (purchasing power parity):
|
$91.9 billion (2008 est.)
$86.7 billion (2007)
$81.18 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$4,300 (2008 est.)
$4,100 (2007 est.)
$3,900 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$38 billion (2008 est.) |
GDP - real growth rate:
|
6% (2008 est.)
6.8% (2007 est.)
7.7% (2006 est.) |
GDP - composition by sector:
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agriculture: 15.5%
industry: 27%
services: 57.5% (2008 est.) |
Investment (gross fixed):
|
30% of GDP (2008 est.) |
Population below poverty line:
|
22% (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:
|
49 (2007) |
Inflation rate (consumer prices):
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14.4% (2008 est.) |
Central bank discount rate:
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11.75% (12 February 2009) |
Commercial bank prime lending rate:
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18.5% (31 December 2008) |
Stock of money:
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$2.55 billion (30 September 2008) |
Stock of money - per capita:
|
120 USD per capita |
Stock of quasi money:
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$9.01 billion (30 September 2008) |
Stock of quasi money - per capita:
|
423 USD per capita |
Stock of domestic credit:
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$15.92 billion (30 September 2008) |
Stock of domestic credit - per capita:
|
747 USD per capita |
Labor force:
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7.588 million
note: excludes northern and eastern provinces (2008 est.) |
Labor force participation rate:
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35.58 % of population |
Labor force - by occupation:
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agriculture: 34.7%
industry: 26.1%
services: 39.2% (30 September 2008 est.) |
Unemployment rate:
|
5.2% (30 September 2008 est.) |
Budget:
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revenues: $7.8 billion
expenditures: $11 billion (2009 est.) |
Budget revenues per capita:
|
366 USD per capita |
Public debt:
|
78% of GDP (2008 est.) |
Industries:
|
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:
|
6.2% (2008 est.) |
Electricity - production:
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9.814 billion kWh (2007 est.) |
Electricity - production per capita:
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461 kWh per capita |
Electricity - consumption:
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8.276 billion kWh (2007 est.) |
Electricity - consumption - per capita:
|
389 kWh per capita |
Electricity - exports:
|
0 kWh (2008 est.) |
Electricity - imports:
|
0 kWh (2008 est.) |
Oil - production:
|
0 bbl/day (2008 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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86,030 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
1.47 bbl/year per capita |
Oil - exports:
|
291.9 bbl/day (2005) |
Oil - imports:
|
87,090 bbl/day (2005) |
Oil - proved reserves:
|
0 bbl (1 January 2008 est.) |
Natural gas - production:
|
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 2008 est.) |
Agriculture - products:
|
rice, sugarcane, grains, pulses, oilseed, spices, tea, rubber, coconuts; milk, eggs, hides, beef; fish |
Current account balance:
|
-$1.981 billion (2008 est.) |
Current account balance - per capita:
|
-92 USD per capita |
Exports:
|
$8.1 billion f.o.b. (2008 est.) |
Exports per capita:
|
380 USD per capita |
Exports - commodities:
|
textiles and apparel, tea and spices; diamonds, emeralds, rubies; coconut products, rubber manufactures, fish |
Exports - partners:
|
US 25.5%, UK 13.2%, India 6.7%, Germany 5.7%, Italy 5.1% (2007) |
Imports:
|
$14.05 billion f.o.b. (2008 est.) |
Imports per capita:
|
659 USD per capita |
Imports - commodities:
|
textile fabrics, mineral products, petroleum, foodstuffs, machinery and transportation equipment |
Imports - partners:
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India 23.1%, Singapore 9.9%, China 8.2%, Iran 7.5%, Hong Kong 6.4% (2007) |
Reserves of foreign exchange and gold:
|
$3.364 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
158 USD per capita |
Debt - external:
|
$12.99 billion (31 December 2008 est.) |
Debt - external - per capita:
|
610 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:
|
$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$4.32 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
203 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$1.189 billion (2005) |
Economic aid - recipient per capita:
|
56 USD per capita |
Currency (code):
|
Sri Lankan rupee (LKR) |
Exchange rates:
|
Sri Lankan rupees (LKR) per US dollar - 108.33 (2008), 110.78 (2007), 103.99 (2006), 100.498 (2005), 101.194 (2004) |
Fiscal year:
|
calendar year |
|
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