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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