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Economy
- overview:
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Sri
Lanka is engaging in large-scale
reconstruction and development
projects following the end of the
26-year conflict with the LTTE,
including increasing electricity
access and rebuilding its road and
rail network. Additionally, Sri Lanka
seeks to reduce poverty by using a
combination of state directed policies
and private investment promotion to
spur growth in disadvantaged areas,
develop small and medium enterprises,
and promote increased agriculture,
High levels of government funding may
be difficult, as the government
already is faced with high debt
interest payments, a bloated civil
service, and historically 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. 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 3.5% growth in 2009, Sri
Lanka's economy is poised to achieve
high growth rates in the postwar
period.
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GDP
(purchasing power parity):
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$104.7
billion (2010 est.)
country
comparison to the world: 69
$97.91
billion (2009 est.)
$94.6
billion (2008 est.)
note:
data
are in 2010 US dollars
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GDP
(official exchange rate):
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$48.24
billion (2010 est.)
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GDP
- real growth rate:
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6.9%
(2010 est.)
country
comparison to the world: 25
3.5%
(2009 est.)
6%
(2008 est.)
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GDP
- per capita (PPP):
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$4,900
(2010 est.)
country
comparison to the world: 148
$4,600
(2009 est.)
$4,500
(2008 est.)
note:
data
are in 2010 US dollars
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GDP
- composition by sector:
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agriculture:
12.6%
industry:
29.8%
services:
57.6%
(2010 est.)
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Labor
force:
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8.1
million (2010 est.)
country
comparison to the world: 55 |
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Labor
force - by occupation:
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agriculture:
32.7%
industry:
26.3%
services:
41%
(December 2008 est.)
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Unemployment
rate:
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5.4%
(2010 est.)
country
comparison to the world: 51
5.9%
(2009 est.)
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Population
below poverty line:
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23%
(2008 est.)
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Household
income or consumption by percentage
share:
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lowest
10%: 1.1%
highest
10%: 39.7%
(2004)
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Distribution
of family income - Gini index:
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49
(2007)
country
comparison to the world: 27
46
(1995)
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Investment
(gross fixed):
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23.6%
of GDP (2010 est.)
country
comparison to the world: 51 |
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Public
debt:
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86.7%
of GDP (2010 est.)
country
comparison to the world: 13
85.8%
of GDP (2009 est.)
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Inflation
rate (consumer prices):
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5.6%
(2010 est.)
country
comparison to the world: 154
3%
(2009 est.)
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Central
bank discount rate:
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7.25%
(December 2010)
country
comparison to the world: 55
7.5%
(31 December 2009)
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Commercial
bank prime lending rate:
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10.37%
(December 2010)
country
comparison to the world: 41
15.89%
(31 December 2008)
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Stock
of narrow money:
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$4.4
billion (31 December 2010 est)
country
comparison to the world: 96
$3.628
billion (31 December 2009 est)
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Stock
of broad money:
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$19.72
billion (31 December 2010 est.)
country
comparison to the world: 83
$16.41
billion (31 December 2009 est.)
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Stock
of domestic credit:
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$18.34
billion (31 December 2010 est.)
country
comparison to the world: 82
$16.64
billion (31 December 2009 est.)
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Market
value of publicly traded shares:
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$11.5
billion (December 2010)
country
comparison to the world: 70
$8.133
billion (31 December 2009)
$4.326
billion (31 December 2008)
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Agriculture
- products:
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rice,
sugarcane, grains, pulses, oilseed,
spices, vegetables, fruit, tea,
rubber, coconuts; milk, eggs, hides,
beef; fish
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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
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Industrial
production growth rate:
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6.9%
(2010 est.)
country
comparison to the world: 44 |
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Electricity
- production:
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9.882
billion kWh (2008 est.)
country
comparison to the world: 92 |
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Electricity
- consumption:
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8.417
billion kWh (2008 est.)
country
comparison to the world: 93 |
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Electricity
- exports:
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0
kWh (2008 est.)
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Electricity
- imports:
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0
kWh (2008 est.)
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Oil
- production:
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0
bbl/day (2008 est.)
country
comparison to the world: 129 |
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Oil
- consumption:
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90,000
bbl/day (2009 est.)
country
comparison to the world: 80 |
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Oil
- exports:
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0
bbl/day (2007 est.)
country
comparison to the world: 172 |
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Oil
- imports:
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90,000
bbl/day (2007 est.)
country
comparison to the world: 66 |
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Oil
- proved reserves:
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0
bbl (1 January 2010 est.)
country
comparison to the world: 118 |
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Natural
gas - production:
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0
cu m (2008 est.)
country
comparison to the world: 126 |
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Natural
gas - consumption:
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0
cu m (2008 est.)
country
comparison to the world: 175 |
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Natural
gas - exports:
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0
cu m (2008 est.)
country
comparison to the world: 120 |
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Natural
gas - proved reserves:
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0
cu m (1 January 2010 est.)
country
comparison to the world: 131 |
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Current
account balance:
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-$1.784
billion (2010 est.)
country
comparison to the world: 154
-$291
million (2009 est.)
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Exports:
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$7.908
billion (2010 est.)
country
comparison to the world: 92
$7.085
billion (2009 est.)
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Exports
- commodities:
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textiles
and apparel, tea and spices; rubber
manufactures; precious stones; coconut
products, fish
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Exports
- partners:
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US
20.59%, UK 12.87%, Italy 5.51%,
Germany 5.29%, India 4.54%, Belgium
4.43% (2009)
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Imports:
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$11.6
billion (2010 est.)
country
comparison to the world: 85
$9.186
billion (2009 est.)
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Imports
- commodities:
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petroleum,
textiles, machinery and transportation
equipment, building materials, mineral
products, foodstuffs
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Imports
- partners:
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India
20.73%, China 13.45%, Singapore 7.26%,
Iran 6.7%, South Korea 5.23% (2009)
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Reserves
of foreign exchange and gold:
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$5.63
billion (31 December 2010 est.)
country
comparison to the world: 66
$5.358
billion (31 December 2009 est.)
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Debt
- external:
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$17.97
billion (31 December 2010 est.)
country
comparison to the world: 76
$17.44
billion (31 December 2009 est.)
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Stock
of direct foreign investment - at home:
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$NA
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Stock
of direct foreign investment - abroad:
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$NA
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Exchange
rates:
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Sri
Lankan rupees (LKR) per US dollar -
113.36 (2010), 114.95 (2009), 108.33
(2008), 110.78 (2007), 103.99 (2006)
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