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Economy - overview:
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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.
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GDP:
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purchasing power parity - $73.7 billion (2004 est.)
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GDP - real growth rate:
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5.5% (2004 est.)
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GDP - per capita:
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purchasing power parity - $3,700 (2004 est.)
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GDP - composition by sector:
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agriculture: 19.9%
industry: 26.3%
services: 53.8% (2004 est.)
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Investment (gross fixed):
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22.7% of GDP (2004 est.)
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Population below poverty line:
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22% (1997 est.)
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Household income or consumption by percentage share:
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lowest 10%: 3.5%
highest 10%: 28% (1995)
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Distribution of family income - Gini index:
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34.4 (1995)
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Inflation rate (consumer prices):
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6.3% (2004 est.)
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Labor force:
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7.17 million (2004 est.)
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Labor force - by occupation:
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agriculture 38%, industry 17%, services 45% (1998 est.)
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Unemployment rate:
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8.4% (2004 est.)
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Budget:
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revenues: $3.229 billion
expenditures: $4.526 billion, including capital expenditures of NA (2004 est.)
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Public debt:
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105.1% of GDP (2004 est.)
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Agriculture - products:
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rice, sugarcane, grains, pulses, oilseed, spices, tea, rubber, coconuts; milk, eggs, hides, beef
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Industries:
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rubber processing, tea, coconuts, and other agricultural commodities; clothing, cement, petroleum refining, textiles, tobacco
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Industrial production growth rate:
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5.8% (2004 est.)
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Electricity - production:
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6.36 billion kWh (2001)
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Electricity - consumption:
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5.915 billion kWh (2001)
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Electricity - exports:
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0 kWh (2001)
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Electricity - imports:
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0 kWh (2001)
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Oil - production:
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0 bbl/day (2001 est.)
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Oil - consumption:
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75,000 bbl/day (2001 est.)
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Oil - exports:
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NA (2001)
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Oil - imports:
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NA (2001)
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Current account balance:
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$-278 million (2004 est.)
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Exports:
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$5.269 billion f.o.b. (2004 est.)
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Exports - commodities:
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textiles and apparel, tea, diamonds, coconut products, petroleum products
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Exports - partners:
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US 34.6%, UK 12.5%, India 4.8%, Germany 4.5% (2003)
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Imports:
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$6.626 billion f.o.b. (2003 est.)
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Imports - commodities:
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textiles, mineral products, petroleum, foodstuffs, machinery and equipment
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Imports - partners:
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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)
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Reserves of foreign exchange & gold:
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$2.273 billion (2004 est.)
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Debt - external:
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$10.52 billion (2004 est.)
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Economic aid - recipient:
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$577 million (1998)
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Currency:
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Sri Lankan rupee (LKR)
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Currency code:
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LKR
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Exchange rates:
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Sri Lankan rupees per US dollar - 96.521 (2003), 95.6621 (2002), 89.383 (2001), 77.0051 (2000), 70.6354 (1999)
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Fiscal year:
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calendar year
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