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Sri Lanka:
Economy

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Economy - overview
Definition
In 1977, Colombo abandoned statist economic policies and its import substitution trade policy for more market-oriented policies, export-oriented trade, and encouragement of foreign investment. Recent changes in government, however, have brought some policy reversals. Currently, the ruling Sri Lanka Freedom Party has a more statist economic approach, which seeks to reduce poverty by steering investment to disadvantaged areas, developing small and medium enterprises, promoting agriculture, and expanding the already enormous civil service. The government has halted privatizations. Although suffering a brutal civil war that began in 1983, Sri Lanka saw GDP growth average 4.5% in the last 10 years with the exception of a recession in 2001. In late December 2004, a major tsunami took about 31,000 lives, left more than 6,300 missing and 443,000 displaced, and destroyed an estimated $1.5 billion worth of property. Government spending and reconstruction drove growth to more than 7% in 2006 but reduced agriculture output probably slowed growth to about 6 percent in 2007. Government spending and loose monetary policy drove inflation to nearly 16% in 2007. Sri Lanka's most dynamic sectors now are food processing, textiles and apparel, food and beverages, port construction, telecommunications, and insurance and banking. In 2006, plantation crops made up only about 15% of exports (compared with more than 90% in 1970), while textiles and garments accounted for more than 60%. About 800,000 Sri Lankans work abroad, 90% of them in the Middle East. They send home more than $1 billion a year. The struggle by the Tamil Tigers of the north and east for an independent homeland continues to cast a shadow over the economy.
GDP (purchasing power parity)
Definition - World rank and map
$81.29 billion (2007 est.)
GDP (official exchange rate)
Definition
$30.01 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
6.3% (2007 est.)
GDP - per capita
Definition - World rank and map
$4,100 (2007 est.)
GDP - composition by sector
Definition
agriculture: 16.5%
industry: 26.9%
services: 56.5% (2007 est.)
Labor force
Definition
7.67 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 34.3%
industry: 25.3%
services: 40.4% (30 June 2006 est.)
Unemployment rate
Definition - World rank and map
5.7% (2007 est.)
Population below poverty line
Definition
22% (2002 est.)
Household income or consumption by percentage share
Definition
lowest 10%: 1.1%
highest 10%: 39.7% (FY03/04)
Distribution of family income - Gini index
Definition - World rank and map
50 (FY03/04)
Inflation rate (consumer prices)
Definition - World rank and map
19.7% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
28.9% of GDP (2007 est.)
Budget
Definition
revenues: $5.64 billion
expenditures: $7.77 billion (2007 est.)
Public debt
Definition - World rank and map
83.9% of GDP (2007 est.)
Agriculture - products
Definition
rice, sugarcane, grains, pulses, oilseed, spices, tea, rubber, coconuts; milk, eggs, hides, beef; fish
Industries
Definition
processing of rubber, tea, coconuts, tobacco and other agricultural commodities; telecommunications, insurance, banking; clothing, textiles; cement, petroleum refining
Industrial production growth rate
Definition - World rank and map
7.4% (2007 est.)
Electricity - production
Definition - World rank and map
8.411 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
7.072 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
334.8 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
84,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
4 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
691.5 bbl/day (2004)
Oil - imports
Definition - World rank and map
82,390 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$1.369 billion (2007 est.)
Exports
Definition - World rank and map
$8.139 billion f.o.b. (2007 est.)
Exports - commodities
Definition
textiles and apparel, tea and spices; diamonds, emeralds, rubies; coconut products, rubber manufactures, fish
Exports - partners
Definition
US 23.1%, UK 11.5%, India 10.1%, Belgium 4.7%, Germany 4.5%, Italy 4.1% (2006)
Imports
Definition - World rank and map
$10.61 billion f.o.b. (2007 est.)
Imports - commodities
Definition
textile fabrics, mineral products, petroleum, foodstuffs, machinery and transportation equipment
Imports - partners
Definition
India 22%, China 11.9%, Singapore 7.2%, Iran 6.2% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$3.417 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$12.19 billion (31 December 2007 est.)
Stock of direct foreign investment - at home
Definition
$NA
Stock of direct foreign investment - abroad
Definition
$NA
Market value of publicly traded shares
Definition
$7.769 billion (2006)
Economic aid - recipient
Definition
$1.189 billion (2005)
Currency (code)
Definition
Sri Lankan rupee (LKR)
Exchange rates
Definition
Sri Lankan rupees per US dollar - 110.78 (2007), 103.99 (2006), 100.498 (2005), 101.194 (2004), 96.521 (2003)
Fiscal year
Definition
calendar year


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