Sri Lanka - Economy
How is the economy of Sri Lanka? Based on the information we have, Sri Lanka has a economic contraction in 2022-23 marked by increased poverty and significant inflation; IMF two-year debt relief program following 2022 sovereign default; structural challenges from non-diversified economy and rigid labor laws; heavy dependence on tourism receipts and remittances. Key agricultural products in this country include: rice, coconuts, plantains, tea, sugarcane, milk, cassava, fiber crops, maize, chicken (2022).
More about the economy of Sri Lanka
| Labor force | 8.707 million (2023 est.) |
|---|---|
| Industrial production growth rate | -9.23% (2023 est.) |
| Industries | processing of rubber, tea, coconuts, tobacco and other agricultural commodities; tourism; clothing and textiles; mining |
| Population below poverty line | 14.3% (2019 est.) |
| Taxes and other revenues | 7.28% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Sri Lankan rupees (LKR) per US dollar - |
| Exchange rates 2021 | 198.764 (2021 est.) |
| Exchange rates 2020 | 185.593 (2020 est.) |
| Exchange rates 2019 | 178.745 (2019 est.) |
| Exchange rates 2018 | 162.465 (2018 est.) |
| Exchange rates 2017 | 152.446 (2017 est.) |
| Debt - external | |
| Debt - external 2022 | $37.487 billion (2022 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2021 | $3.137 billion (2021 est.) |
| Reserves of foreign exchange and gold 2020 | $5.664 billion (2020 est.) |
| Reserves of foreign exchange and gold 2019 | $7.648 billion (2019 est.) |
| Current account balance | |
| Current account balance 2023 | $1.559 billion (2023 est.) |
| Current account balance 2022 | -$1.448 billion (2022 est.) |
| Current account balance 2021 | -$3.284 billion (2021 est.) |
| Public debt | |
| Public debt 2017 | 79.1% of GDP (2017 est.) |
| Budget | |
| Revenues | $7.365 billion (2021 est.) |
| Expenditures | $15.477 billion (2021 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 6.4% of GDP (2023 est.) |
| Remittances 2022 | 5.15% of GDP (2022 est.) |
| Remittances 2021 | 6.23% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.1% (2019 est.) |
| Highest 10% | 30.8% (2019 est.) |
| Average household expenditures | |
| On food | 26.8% of household expenditures (2022 est.) |
| On alcohol and tobacco | 3.4% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $18.823 billion (2023 est.) |
| Imports 2022 | $19.244 billion (2022 est.) |
| Imports 2021 | $21.526 billion (2021 est.) |
| Imports (partners) | India 34%, China 19%, UAE 5%, Malaysia 4%, Singapore 4% (2022) |
| Comodities Imports force | refined petroleum, fabric, ships, cotton fabric, synthetic fabric (2022) |
| Exports | |
| Imports 2023 | $18.823 billion (2023 est.) |
| Imports 2022 | $19.244 billion (2022 est.) |
| Imports 2021 | $21.526 billion (2021 est.) |
| Exports (partners) | US 24%, India 8%, UK 7%, Germany 6%, Italy 4% (2022) |
| Comodities Exports force | garments, tea, used rubber tires, rubber products, precious stones (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $287.132 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $293.885 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $317.188 billion (2021 est.) |
| GDP (official exchange rate) | $84.357 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $13,000 (2023 est.) |
| Real GDP per capita 2022 | $13,200 (2022 est.) |
| Real GDP per capita 2021 | $14,300 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 8.3% (2023 est.) |
| Industry | 25.6% (2023 est.) |
| Services | 59.9% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 69.3% (2023 est.) |
| Government consumption | 6.9% (2023 est.) |
| Investment in fixed capital | 17.6% (2023 est.) |
| Investment in inventories | 7.7% (2023 est.) |
| Exports of goods and services | 20.4% (2023 est.) |
| Imports of goods and services | -21.9% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 6.36% (2023 est.) |
| Unemployment rate 2022 | 6.33% (2022 est.) |
| Unemployment rate 2021 | 5.26% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 25.3% (2023 est.) |
| Male | 20.9% (2023 est.) |
| Female | 33.9% (2023 est.) |
All Important Facts about Sri Lanka
Want to know more about Sri Lanka? Check all different factbooks for Sri Lanka below.
