Sri Lanka Economic Growth This year, GDP is set to contract due to the fallout from Covid-19. The economy of Sri Lanka, a sun-drenched island in the Indian Ocean, depends heavily on the $4.4 billion tourism industry. Sri Lanka - GDP (billions of U.S. The tea industry employs, indirectly or directly, over a million people with over 215,338 individuals working in the tea estates and plantations. Goods exports totaled $390 million; goods imports totaled $2.7 billion. Covid -19 has dealt a severe blow to tourism, a vital economic sector for Sri Lanka, accounting for about 5% of its GDP and employing 250,000 people directly and up to 2 million indirectly. Sri Lanka is a lower-middle-income country with a GDP per capita of USD 3,852 (2019) and a total population of 21.8 million. However, as a foreigner investing in Sri Lanka will be a wise idea. Sri Lanka’s investment to GDP ratio for the last two years is 25% consisting of private sector investment 10%, public sector investment 10%, and foreign investment 5%. Bank deposits held for a fixed term in Sri Lanka are called fixed deposits. The media recently was speculating on why the delay in Q2 GDP growth data not been released. Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Sri Lanka economic outlook, debt to GDP ratio, international trade performance and population trends. Sri Lanka's economy has steadily grown in recent decades with the exception of 2001 when there was a 1.4 per cent GDP contraction after Tamil separatists bombed the country's main airport and crippled tourism. Dollars) The economy should have recovered somewhat in Q3 after it likely contracted at the height of the pandemic in Q2. Sri Lanka: Gross domestic product (GDP) in current prices (in billion international dollars) 304.17bn Int$ Detailed statistics GDP of Sri Lanka increased from 1.57 million current prices in 2nd quarter 2010 to 3.77 million current prices in 1st quarter 2020 growing at an average annual rate of 2.33%. In 2018, the national debt of Sri Lanka amounted to around 66.38 billion U.S. dollars. I am not a believer of social media but the data can be true in this case. Then on social media the story broke out that Sri Lanka’s GDP has declined to -17%. Tea production accounted for 2% of the country’s GDP in 2013 after contributing about $1.5 billion. 3,773,551 million recorded in the first quarter of 2019, registering 1.9% of change in the current price GDP estimate. In 2019, Sri Lanka GDP was an estimated $86.6 billion (current market exchange rates); real GDP was up by an estimated 2.3%; and the population was 22 million. Projects & Operations ... $450.71 million. License: CC BY-4.0 Line Bar Map. South Asia. By 2015 Chinese private investments reached $338 million, constituting 35% of Sri Lanka’s total FDI. After experiencing 3.5% growth in 2009, Sri Lanka's economy is poised to achieve high growth rates in the postwar period. The report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial markets. Its currency is the Sri Lankan Rupee (LKR). Sri Lanka: Bruttoinlandsprodukt, Milliarden U.S. Dollar 2010: Für diesen Indikator bietet die Weltbank Daten für Sri Lanka von 1961 bis 2019. Now we see that Myanmar - a country which was in the closet until 2010 due to the issue of ethnic cleansing – has touched 6.7% GDP growth in 2017, with tourist arrivals crossing 3.4 million and exports passing the $ 13 billion mark, beating Sri Lanka on all fronts. In 2020, GDP for Sri Lanka was 81.12 billion US dollars. 3,845,900 million from Rs. World Bank national accounts data, and OECD National Accounts data files. International rating agencies have slashed Sri Lanka's credit worthiness after raising fears over the island's ability to repay its debt. Following 30 years of civil war that ended in 2009, the economy grew at an average 5.3 percent during the period 2010-2019, reflecting a peace dividend and a determined policy thrust towards reconstruction and growth; although growth slowed down in the last few years. Label. GDP of Sri Lanka increased from 18.61 billion US dollars in 2001 to 81.12 billion US dollars in 2020 growing at an average annual rate of 8.33%. A possible prolonged downturn in the tourism sector and significant debt repayments due to take place next year, together with tight credit access, pose downside risks to the outlook. In 2021, the economy is expected to recover as restrictions ease and foreign demand rebounds. GDP per capita (current US$) - Sri Lanka. EDUCATION. Tourism is worth almost $4.4 billion (€3.9 billion) to Sri Lanka each year, accounting for almost 5% of the country's annual GDP. XL 2018 Rs. In 2005, China’s FDI into Sri Lanka was $16.4 million, or just under 1% of total Sri Lankan FDI. Sri Lanka seeks to achieve $4,000 in GDP per capita by 2016, from $3,280 in 2013, but faces three particular macroeconomic challenges. In contrast, the Netherlands’ share of FDI was 9%, India’s, like Malaysia’s, was 7%, and Singapore’s only 3 per cent. Today, Bangladesh is at $ 37 billion and Vietnam is at $ 213 billion whilst Sri Lanka is at just $ 11.5 billion. The country has experienced an annual growth of 6.4 percent from 2003 to 2012, well above its regional peers but has slowed since then. Country Report 2017 - Includes Sri Lanka real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector. ECONOMIC AND SOCIAL STATISTICS OF SRI LANKA 2018 VOL. Central Bank of Sri Lanka Statistics Department Tel. Industrial production declined at a much softer rate in July–August relative to Q2. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. 300 ISBN 978-955-575-368-5. ii Printed at Central Bank Printing Press, 58, Sri Jayewardenepura Mawatha, Rajagiriya, Sri Lanka. Also Show. Diese Werte, historische Daten, Prognosen, Statistiken, Diagramme und ökonomische Kalender - Sri-Lanka - BIP von Landwirtschaft. However, the Gross Domestic Product for Sri Lanka for the first quarter of 2020 at current price has increased marginally, up to Rs. The record decline in 2020 follows a setback after the 2019 Easter Sunday jihadist bombings which killed 279 people at three hotels and three churches. For an economy to reach sustainable productive education, it should invest highly in the education system. Read more Sri Lanka: National debt from 2014 to 2024 (in billion U.S. dollars) The free-market economy of Sri Lanka was worth $84 billion by nominal gross domestic product (GDP) in 2019 and $296.959 billion by purchasing power parity (PPP). Der durchschnittliche Wert für Sri Lanka in diesem Zeitraum lag bei 29.7 billion U.S. dollars mit einem Minimum von 5.9 billion U.S. dollars im Jahre 1961 und einem Maximum von 87.5 billion U.S. dollars im Jahre 2019. 1960 - 2019. In 2003, plantation crops made up only 15% of exports (compared with 93% in 1970), while textiles and garments accounted for 63%. According to a recent report, the FDI in Sri Lanka increasing steadily every year. Global Economic Prospects examines trends for the world economy and how they affect developing countries. The Sri Lankan economy with a population of 20.238 Million (Est 2009) ranks 66th in the world with a GDP PPP of 104 billion and GDP PPP per capita of 5,220 vs 47,284 (United States) according to the IMF in 2009. (Source: IMF) Sri Lanka is currently our 71st largest goods trading partner with $3.1 billion in total (two way) goods trade during 2019. In 2017 the country reaches $1.38 billion which is more 53% in 2016. Tea is one of Sri Lanka’s primary source of foreign exchange. Annual GDP Growth (%) Sri Lanka. Sri Lanka's economy has steadily grown in recent decades with the exception of 2001 when there was a 1.4 percent GDP contraction after Tamil separatists bombed the country's main airport and crippled tourism. Sri Lanka's most dynamic sectors now are food processing, textiles and apparel, food and beverages, telecommunications, and insurance and banking. * Sri Lanka revised its 2020 first quarter GDP contraction to 1.65% y/y from an earlier estimate of 1.6% contraction. The logic being that Q1 data revealed that the economy has contracted -1.6%, which factored only 10 days of lockdown. Sri Lanka GDP to grow 3.3-pct in 2021: World Bank Sri Lanka’s economic growth is expected to recover to 3.3 percent in 2021, and 2.2 percent in 2022 after contracting 6.7 percent in 2020, the World Bank said in a January 2021 projection warning on external uncertainties. Sri Lanka has not ignored the education sector since it is the only way to boost youth power. GDP in Sri Lanka averaged 13.32 USD Billion from 1960 until 2013, reaching an all-time high of 67.18 USD Billion in 2013 and a record low of 1.42 USD Billion in 1960. Published by Statistics Department Central Bank of Sri Lanka, 30, Janadhipathi Mawatha, Colombo 01, Sri Lanka. Sri Lanka is one of the emerging countries and has huge opportunities to attract “Foreign Direct Investment” (FDI) inflows. Gross domestic product (GDP) reached $88.7 billion and per capita GDP was $4,100 in 2018. Sri Lankan growth rates averaged nearly 5% in during the war, but increased government spending on development and fighting the LTTE in the final years spurred GDP growth to around 6-7% per year in 2006-08. Sri Lanka Jump to. Sri Lanka is an upper middle-income country located in South Asia off the southern coast of India on the main east-west Indian Ocean shipping lanes. Moreover, the services and manufacturing PMIs were markedly higher in Q3 than in the prior quarter, hinting at strengthening private sector activity. None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details. The latest comprehensive information for - Sri Lanka GDP - including latest news, historical data table, charts and more. Likely contracted at the height of the emerging countries and has huge opportunities to attract “ foreign Direct Investment (... 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