Countries
Sri Lanka
Key Economic Indicators
$342.6 billion
$15,633
5.01%
-0.43%
4.01%
$98.963 billion (2024 est.)
<b>note:</b> central government debt as a % of GDP
$1.21 billion
Economic Overview
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
All Economic Data
Agricultural products
rice, coconuts, tea, sugarcane, plantains, milk, fiber crops, cassava, chicken, pumpkins/squash (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
3.4% of household expenditures (2023 est.)
On food:
27.1% of household expenditures (2023 est.)
Budget
Expenditures:
$17.144 billion (2023 est.)
Note:
<b>note:</b> central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated
Revenues:
$9.387 billion (2023 est.)
Currency
code:
LKR
name:
Sri Lankan rupee (LKR) [Rs රු]
Current account balance
$1.21 billion
Current account balance 2021:
-$3.284 billion (2021 est.)
Current account balance 2022:
-$1.448 billion (2022 est.)
Current account balance 2023:
$1.559 billion (2023 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$56.83 billion
Debt - external 2023:
$42.198 billion (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
Currency:
Sri Lankan rupees (LKR) per US dollar -
Exchange rates 2019:
178.745 (2019 est.)
Exchange rates 2020:
185.593 (2020 est.)
Exchange rates 2021:
198.764 (2021 est.)
Exchange rates 2022:
322.633 (2022 est.)
Exchange rates 2023:
327.507 (2023 est.)
Exports
$19.68 billion
Exports 2021:
$14.974 billion (2021 est.)
Exports 2022:
$16.169 billion (2022 est.)
Exports 2023:
$17.327 billion (2023 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
garments, tea, precious stones, used rubber tires, rubber products (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
USA 22%, India 7%, Germany 7%, UK 7%, Italy 5% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$761.14 million
GDP - composition, by end use
Exports of goods and services:
19.9% (2024 est.)
Government consumption:
7% (2024 est.)
Household consumption:
68.7% (2024 est.)
Imports of goods and services:
-22.5% (2024 est.)
Investment in fixed capital:
18.8% (2024 est.)
Investment in inventories:
8.2% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
8.3% (2024 est.)
Industry:
25.5% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
57.5% (2024 est.)
GDP (official exchange rate)
$98.963 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$4,516
Gini Index coefficient - distribution of family income
39.3 (2016)
Gini Index coefficient - distribution of family income 2019:
37.7 (2019 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$96.5 billion
GNI per capita
$3,860
Gross domestic investment
27 % of GDP
Household income or consumption by percentage share
Highest 10%:
30.8% (2019 est.)
Lowest 10%:
3.1% (2019 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$22.28 billion
Imports 2021:
$21.526 billion (2021 est.)
Imports 2022:
$19.244 billion (2022 est.)
Imports 2023:
$18.823 billion (2023 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, fabric, crude petroleum, packaged medicine, cotton fabric (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
India 21%, China 19%, UAE 10%, Singapore 5%, Malaysia 4% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
11% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
processing of rubber, tea, coconuts, tobacco and other agricultural commodities; tourism; clothing and textiles; mining
Inflation rate (consumer prices)
-0.43%
Inflation rate (consumer prices) 2022:
49.7% (2022 est.)
Inflation rate (consumer prices) 2023:
16.5% (2023 est.)
Inflation rate (consumer prices) 2024:
-0.4% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
8.499 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
8.37 million persons
Labor force - by occupation
agriculture:
25.86%
industry:
26.3%
services:
47.84%
Population below poverty line
14.3% (2019 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2017:
79.1% of GDP (2017 est.)
Real GDP (purchasing power parity)
$342.6 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$293.878 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$287.031 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$301.407 billion (2024 est.)
Real GDP growth rate
5.01%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
-7.3% (2022 est.)
Real GDP growth rate 2023:
-2.3% (2023 est.)
Real GDP growth rate 2024:
5% (2024 est.)
Real GDP per capita
$15,633
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$13,200 (2022 est.)
Real GDP per capita 2023:
$13,000 (2023 est.)
Real GDP per capita 2024:
$13,800 (2024 est.)
Remittances
$6.72 billion
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2021:
6.2% of GDP (2021 est.)
Remittances 2022:
5.2% of GDP (2022 est.)
Remittances 2023:
7.2% of GDP (2023 est.)
Reserves of foreign exchange and gold
$6.09 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$1.896 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$4.405 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$6.094 billion (2024 est.)
Revenue (excl grants)
11 % of GDP
Tax revenue
10 % of GDP
Taxes and other revenues
9.9% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
4.01%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
4.6% (2022 est.)
Unemployment rate 2023:
6% (2023 est.)
Unemployment rate 2024:
5% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
29.6% (2024 est.)
Male:
18.4% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
22.3% (2024 est.)
Economic Rankings
Inflation Rate
#12
External Debt
#27
GDP (PPP)
#61
Gini Index
#70
GDP (Nominal)
#70
Unemployment Rate
#81
Exports
#91
Imports
#92
Reserves
#93
GDP Growth Rate
#95
GDP per Capita
#108
Quick Facts
Industries
processing of rubber, tea, coconuts, tobacco and other agricultural commodities; tourism; clothing and textiles; mining
Agricultural products
rice, coconuts, tea, sugarcane, plantains, milk, fiber crops, cassava, chicken, pumpkins/squash (2023)
Labor force
8.499 million (2024 est.)
Exports - partners
USA 22%, India 7%, Germany 7%, UK 7%, Italy 5% (2023)
Imports - partners
India 21%, China 19%, UAE 10%, Singapore 5%, Malaysia 4% (2023)
Exchange rates
Sri Lankan rupees (LKR) per US dollar -
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