Sri Lanka Economy

Is Sri Lanka a wealthy country?

Sri Lanka's economy faces significant challenges, including a high external debt burden, a trade deficit, fiscal imbalances, and currency depreciation. The COVID-19 pandemic worsened these issues by disrupting global supply chains and tourism revenues. Political instability and governance problems have hindered economic reforms. As a result, Sri Lanka grapples with high inflation, reduced foreign exchange reserves, and slowing GDP growth. The government is seeking assistance from international organizations like the IMF, implementing fiscal consolidation measures, and aiming to attract foreign investment. These challenges have led to rising unemployment, inflation, and disruptions in essential services, causing frustration among the population. Key priorities for recovery include fiscal discipline, structural reforms, and exchange rate stability.

Sri Lanka Economy Data

What is the GDP of Sri Lanka?

Currency Name and Code Sri Lanka Rupee (LKR)
GDP - Gross Domestic Product (PPP) $274,800,000,000 (USD)
GDP - official exchange rate $79,520,000,000 (USD)
GDP - real growth rate 5.5%
GDP Per Capita $11,200.00 (USD)
GDP by Sector- agriculture 8.1%
GDP by Sector- Industry 29.1%
GDP by Sector- services 62.8%
GDP - composition, by end use household consumption: 67.6%

government consumption: 13.5%

investment in fixed capital: 28.4%

investment in inventories: -0.9%

exports of goods and services: 21.2%

imports of goods and services: -29.8%
Population Below Poverty Line 23%
Inflation Rate 5.6%
Labor Force 8,100,000
Labor Force By Occupation- agriculture 31.8%
Labor Force By Occupation- industry 25.8%
Labor Force By Occupation- services 42.4%
Unemployment Rate 5.4%
Fiscal Year calendar year
Annual Budget $7,415,000,000 (USD)
Budget Surplus or Deficit - percent of GDP -6.4%
Public Debt (% of GDP) 98.5%
Taxes and other revenues - percent of GDP 12.9%
Major Industries rubber processing, tea, coconuts, and other agricultural commodities; clothing, cement, petroleum refining, textiles, tobacco
Industrial Growth Rate 6.9%
Agriculture Products rice, sugarcane, grains, pulses, oilseed, spices, tea, rubber, coconuts; milk, eggs, hides, beef
Exchange Rate per US Dollar Sri Lankan rupee (LKR)
Commercial Bank Prime Lending Rate 9.88%

Labor Force by Occupation- As reported by Sri Lanka

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