Economy Of Sri Lanka - Sri Lanka Information

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Economy Of Sri Lanka
Sri Lanka Information - Country Guides

Economy overview	In 1977, Colombo abandoned statist economic policies and its import substitution trade policy for market-oriented policies and export-oriented trade. Sri Lanka's most dynamic sectors now are food processing, textiles and apparel, food and beverages, telecommunications, and insurance and banking. In 2003, plantation crops made up only 15% of exports (compared with 93% in 1970), while textiles and garments accounted for 63%. GDP grew at an average annual rate of 5.5% in the early 1990s until a drought and a deteriorating security situation lowered growth to 3.8% in 1996. The economy rebounded in 1997-2000 with average growth of 5.3%, but 2001 saw the first contraction in the country's history, -1.4%, due to a combination of power shortages, severe budgetary problems, the global slowdown, and continuing civil strife. Growth recovered to 4.0% in 2002 and 5.2% in 2003. About 800,000 Sri Lankans work abroad, 90% in the Middle East. They send home about $1 billion a year. The struggle by the Tamil Tigers of the north and east for a largely independent homeland continues to cast a shadow over the economy.
GDP	purchasing power parity - $73.7 billion (2004 est.)
GDP - real growth rate	5.5% (2004 est.)
GDP - per capita	purchasing power parity - $3,700 (2004 est.)
GDP - composition by sector	agriculture: 19.9% industry: 26.3% services: 53.8% (2004 est.)
Investment gross fixed	22.7% of GDP (2004 est.)
Population below poverty line	22% (1997 est.)
Household income or consumption by percentage share	lowest 10%: 3.5% highest 10%: 28% (1995)
Distribution of family income - Gini index	34.4 (1995)
Inflation rate consumer prices	6.3% (2004 est.)
Labor force	7.17 million (2004 est.)
Labor force by occupation	agriculture 38%, industry 17%, services 45% (1998 est.)
Unemployment rate	8.4% (2004 est.)
Budget	revenues: $3.229 billion expenditures: $4.526 billion, including capital expenditures of na (2004 est.)
Public debt	105.1% of GDP (2004 est.)
Agriculture products	rice, sugarcane, grains, pulses, oilseed, spices, tea, rubber, coconuts; milk, eggs, hides, beef
Industries	rubber processing, tea, coconuts, and other agricultural commodities; clothing, cement, petroleum refining, textiles, tobacco
Industrial production growth rate	5.8% (2004 est.)
Electricity production	6.36 billion kWh (2001)
Electricity production by source	fossil fuel: 51.7% hydro: 48.3% other: 0% (2001) nuclear: 0%
Electricity consumption	5.915 billion kWh (2001)
Electricity exports	0 kWh (2001)
Electricity imports	0 kWh (2001)
Oil production	0 bbl/day (2001 est.)
Oil consumption	75,000 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves
Natural gas production
Natural gas consumption
Natural gas exports
Natural gas imports
Natural gas proved reserves
Current account balance	$-278 million (2004 est.)
Exports	$5.269 billion f.o.b. (2004 est.)
Exports commodities	textiles and apparel, tea, diamonds, coconut products, petroleum products
Exports partners	US 34.6%, UK 12.5%, India 4.8%, Germany 4.5% (2003)
Imports	$6.626 billion f.o.b. (2003 est.)
Imports commodities	textiles, mineral products, petroleum, foodstuffs, machinery and equipment
Imports partners	India 16.1%, Hong Kong 8.4%, Singapore 7.8%, Japan 6.7%, China 4.9%, South Korea 4.2%, Taiwan 4.2%, UK 4.1%, Malaysia 4% (2003)
Reserves of foreign exchange gold	$2.273 billion (2004 est.)
Debt external	$10.52 billion (2004 est.)
Economic aid recipient	$577 million (1998)
Currency	Sri Lankan rupee (LKR)
Currency code	LKR
Exchange rates	Sri Lankan rupees per US dollar - 96.521 (2003), 95.6621 (2002), 89.383 (2001), 77.0051 (2000), 70.6354 (1999)
Fiscal year	calendar year

Sri Flag Map Of Sri Lanka Sinhala language Tamil language

Economy Of Sri LankaSri Lanka Information - Country Guides

Economy Of Sri Lanka
Sri Lanka Information - Country Guides