Is Sri Lanka a wealthy country?
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.
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%|
|Labor Force By Occupation- agriculture||31.8%|
|Labor Force By Occupation- industry||25.8%|
|Labor Force By Occupation- services||42.4%|
|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%|