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    Sri Lanka Index 2005

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    Sri Lanka Economy - 2005
    https://allcountries.org/wfb2005/sri_lanka/sri_lanka_economy.html
    SOURCE: 2005 CIA WORLD FACTBOOK

      Economy - overview:
      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 to 5.2% in both 2003 and 2004. 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. In late December 2004, a major tsunami took nearly 40,000 lives in Sri Lanka and caused massive destruction of property.

      GDP:
      purchasing power parity - $80.58 billion (2004 est.)

      GDP - real growth rate:
      5.2% (2004 est.)

      GDP - per capita:
      purchasing power parity - $4,000 (2004 est.)

      GDP - composition by sector:
      agriculture: 19.1%
      industry: 26.2%
      services: 54.7% (2004 est.)

      Labor force:
      7.26 million (2004 est.)

      Labor force - by occupation:
      agriculture 38%, industry 17%, services 45% (1998 est.)

      Unemployment rate:
      7.8% (2004 est.)

      Population below poverty line:
      22% (1997 est.)

      Household income or consumption by percentage share:
      lowest 10%: 3.5%
      highest 10%: 28% (1995)

      Distribution of family income - Gini index:
      34.4 (1995)

      Inflation rate (consumer prices):
      5.8% (2004 est.)

      Investment (gross fixed):
      22.4% of GDP (2004 est.)

      Budget:
      revenues: $3.34 billion
      expenditures: $4.686 billion, including capital expenditures of NA (2004 est.)

      Public debt:
      104.3% of GDP (2004 est.)

      Agriculture - products:
      rice, sugarcane, grains, pulses, oilseed, spices, tea, rubber, coconuts; milk, eggs, hides, beef

      Industries:
      rubber processing, tea, coconuts, and other agricultural commodities; telecommunications, insurance, and banking; clothing, cement, petroleum refining, textiles, tobacco

      Industrial production growth rate:
      7.1% (2004 est.)

      Electricity - production:
      6.697 billion kWh (2002)

      Electricity - consumption:
      6.228 billion kWh (2002)

      Electricity - exports:
      0 kWh (2002)

      Electricity - imports:
      0 kWh (2002)

      Oil - production:
      0 bbl/day (2001 est.)

      Oil - consumption:
      75,000 bbl/day (2001 est.)

      Oil - exports:
      NA

      Oil - imports:
      NA

      Current account balance:
      $-587.3 million (2004 est.)

      Exports:
      $5.306 billion f.o.b. (2004 est.)

      Exports - commodities:
      textiles and apparel; tea and spices; diamonds, emeralds, rubies; coconut products; rubber manufactures, fish

      Exports - partners:
      US 31%, UK 12.9%, India 5.1%, Belgium 4.9%, Germany 4.9% (2004)

      Imports:
      $7.265 billion f.o.b. (2004 est.)

      Imports - commodities:
      textile fabrics, mineral products, petroleum, foodstuffs, machinery and transportation equipment

      Imports - partners:
      India 14%, Singapore 8%, China 7.6%, Hong Kong 5.9%, Malaysia 4.6%, Japan 4.6% (2004)

      Reserves of foreign exchange and gold:
      $2.475 billion (2004 est.)

      Debt - external:
      $10.85 billion (2004 est.)

      Economic aid - recipient:
      $577 million (1998)

      Currency (code):
      Sri Lankan rupee (LKR)

      Exchange rates:
      Sri Lankan rupees per US dollar - 101.194 (2004), 96.521 (2003), 95.662 (2002), 89.383 (2001), 77.005 (2000)

      Fiscal year:
      calendar year


      NOTE: The information regarding Sri Lanka on this page is re-published from the 2005 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Sri Lanka Economy 2005 information contained here. All suggestions for corrections of any errors about Sri Lanka Economy 2005 should be addressed to the CIA.







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    https://allcountries.org/wfb2005/sri_lanka/sri_lanka_economy.html

    Revised 16-Feb-06
    Copyright © 2005 Photius Coutsoukis (all rights reserved)


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