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, tea, sugarcane, plantains, milk, fiber crops, cassava, chicken, pumpkins/squash (2023).
More about the economy of Sri Lanka
| Labor force | 8.499 million (2024 est.) |
|---|---|
| Industrial production growth rate | 11% (2024 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 | 9.9% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Sri Lankan rupees (LKR) per US dollar - |
| Exchange rates 2023 | 327.507 (2023 est.) |
| Exchange rates 2022 | 322.633 (2022 est.) |
| Exchange rates 2021 | 198.764 (2021 est.) |
| Exchange rates 2020 | 185.593 (2020 est.) |
| Exchange rates 2019 | 178.745 (2019 est.) |
| Debt - external | |
| Debt - external 2023 | $42.198 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $6.094 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $4.405 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $1.896 billion (2022 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 | 7.2% of GDP (2023 est.) |
| Remittances 2022 | 5.2% of GDP (2022 est.) |
| Remittances 2021 | 6.2% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.1% (2019 est.) |
| Highest 10% | 30.8% (2019 est.) |
| Average household expenditures | |
| On food | 27.1% of household expenditures (2023 est.) |
| On alcohol and tobacco | 3.4% of household expenditures (2023 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 21%, China 19%, UAE 10%, Singapore 5%, Malaysia 4% (2023) |
| Comodities Imports force | refined petroleum, fabric, crude petroleum, packaged medicine, cotton fabric (2023) |
| Exports | |
| Imports 2023 | $18.823 billion (2023 est.) |
| Imports 2022 | $19.244 billion (2022 est.) |
| Imports 2021 | $21.526 billion (2021 est.) |
| Exports (partners) | USA 22%, India 7%, Germany 7%, UK 7%, Italy 5% (2023) |
| Comodities Exports force | garments, tea, precious stones, used rubber tires, rubber products (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $301.407 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $287.031 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $293.878 billion (2022 est.) |
| GDP (official exchange rate) | $98.963 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $13,800 (2024 est.) |
| Real GDP per capita 2023 | $13,000 (2023 est.) |
| Real GDP per capita 2022 | $13,200 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 8.3% (2024 est.) |
| Industry | 25.5% (2024 est.) |
| Services | 57.5% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 68.7% (2024 est.) |
| Government consumption | 7% (2024 est.) |
| Investment in fixed capital | 18.8% (2024 est.) |
| Investment in inventories | 8.2% (2024 est.) |
| Exports of goods and services | 19.9% (2024 est.) |
| Imports of goods and services | -22.5% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 5% (2024 est.) |
| Unemployment rate 2023 | 6% (2023 est.) |
| Unemployment rate 2022 | 4.6% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 22.3% (2024 est.) |
| Male | 18.4% (2024 est.) |
| Female | 29.6% (2024 est.) |
All Important Facts about Sri Lanka
Want to know more about Sri Lanka? Check all different factbooks for Sri Lanka below.
