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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.

Agriculture Products

rice, coconuts, sugar cane, plantains, milk, tea, cassava, maize, poultry, coir

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.)

Labor Force

8 million (2020 est.)

Labor Force by Occupation

Agriculture: 27%

Industry: 26%

Services: 47% (31 December 2016)

Unemployment Rate

0: 4.83% (2019 est.)

1: 4.44% (2018 est.)

Population Below Poverty Line

4.1% (2016 est.)

Household Income or Consumption by Percentage Share

Lowest 10%: 3%

Highest 10%: 32.2% (2012 est.)

Distribution of Family Income Gini Index

0: 39.8 (2016 est.)

1: 46 (1995)

Budget

Revenues: 12.07 billion (2017 est.)

Expenditures: 16.88 billion (2017 est.)

Budget Surplus

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

Public Debt

0: 79.1% of GDP (2017 est.)

1: 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

Commercial Bank Prime Lending Rate

Stock of Narrow Money

Stock of Broad Money

Stock of Domestic Credit

Market Value of Publicly Traded Shares

Reserves of Foreign Exchange and Gold

0: $7.959 billion (31 December 2017 est.)

1: $6.019 billion (31 December 2016 est.)

Debt External

0: $55.332 billion (2019 est.)

1: $52.567 billion (2018 est.)

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

0: Sri Lankan rupees (LKR) per US dollar -

1: 185.8 (2020 est.)

2: 181.2 (2019 est.)

3: 178.545 (2018 est.)

4: 135.86 (2014 est.)

5: 130.57 (2013 est.)

Year

Taxes and Other Revenues

  • 13.8% (of GDP) (2017 est.)

Fiscal Year

  • calendar year

Real GDP

  • $274.8_billion_note
    data are
  • $284.97_billion_note
    data are
  • $278.68_billion_note
    data are

GDP Purchasing Power Parity

GDP Real Growth Rate

GDP Per Capital

  • $12,500_note
    data are in 2017 dollars (2020 est.)
  • $13,100_note
    data are in 2017 dollars (2019 est.)
  • $12,900_note
    data are in 2017 dollars (2018 est.)
  • note
    data are in 2010 dollars

Inflation Rate

  •  
    4.3% (2019 est.)
  • 1
    4.2% (2018 est.)
  • 2
    6.5% (2017 est.)

Credit Ratings

  • Fitch rating
    CCC (2020)
  • Moody s rating
    Caa1 (2020)
  • Standard & Poors rating
    CCC+ (2020)

Gross National Saving

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.)

GDP Composition by Sector of Origin

  • Agriculture
    7.8% (2017 est.)
  • Industry
    30.5% (2017 est.)
  • Services
    61.7% (2017 est.)

Inflation Rate Consumer Prices

Current Account Balance

  • 0
    -$10 million (2019
  • 1
    -$17 million (2018

Exports

  • $19.41 billion note
    data are in
  • $20.26 billion note
    data are in
  • 2
    $15.166 billion (2017

Exports Partners

  • United
    States
  • India
    8%
  • United
    Kingdom
  • Germany
    7%

Exports Commodities

    Clothing and apparel, tea, used tires, rubber products, precious stones, cinnamon (2019)

Imports

  • $24.56 billion note
    data are in
  • $26.84 billion note
    data are in
  • 2
    $26.063 billion (2017

Imports Partners

  • India
    24%
  • China
    23%
  • Singapore
    7%
  • United
    Arab
  • Malaysia
    5%

Imports Commodities

    Refined petroleum, textiles, gold, cars, broadcasting equipment (2019)
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