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Sri Lanka Economy 1996

    • Overview:
      Industry - dominated by the fast-growing apparel industry - has surpassed agriculture as the main source of export earnings and accounts for over 16% of GDP. The economy has been plagued by high rates of unemployment since the late 1970s. Economic growth, which has been depressed by ethnic unrest, accelerated in 1991-94 as domestic conditions began to improve and conditions for foreign investment brightened. Currently, however, the new government's emphasis on populist measures has clouded Sri Lanka's economic prospects.

    • National product:
      GDP - purchasing power parity - $57.6 billion (1994 est.)

    • National product real growth rate:
      5% (1994 est.)

    • National product per capita:
      $3,190 (1994 est.)

    • Inflation rate (consumer prices):
      12% (1994 est.)

    • Unemployment rate:
      13.6% (1993 est.)

    • Budget:

        revenues:
        $2.3 billion

        expenditures:
        $3.6 billion, including capital expenditures of $1.5 billion (1993)

    • Exports:
      $2.9 billion (f.o.b., 1993)

        commodities:
        garments and textiles, teas, diamonds, other gems, petroleum products, rubber products, other agricultural products, marine products, graphite

        partners:
        US 35.2%, Germany, UK, Belgium-Luxembourg, Japan, Netherlands, France (1993)

    • Imports:
      $4 billion (c.i.f., 1993)

        commodities:
        textiles and textile materials, machinery and equipment, transport equipment, petroleum, building materials

        partners:
        Japan, India, Hong Kong, South Korea, Taiwan, Singapore, China (1993)

    • External debt:
      $7.2 billion (1993 est.)

    • Industrial production:
      growth rate 9% (1993 est.); accounts for 16% of GDP

    • Electricity:

        capacity:
        1,410,000 kW

        production:
        3.2 billion kWh

        consumption per capita:
        168 kWh (1993)

    • Industries:
      processing of rubber, tea, coconuts, and other agricultural commodities; clothing, cement, petroleum refining, textiles, tobacco

    • Agriculture:
      accounts for one-fourth of GDP; field crops - rice, sugarcane, grains, pulses, oilseeds, roots, spices; cash crops - tea, rubber, coconuts; animal products - milk, eggs, hides, meat; not self-sufficient in rice production

    • Economic aid:

        recipient:
        US commitments, including Ex-Im (FY70-89), $1 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1980-89), $5.1 billion; OPEC bilateral aid (1979-89), $169 million; Communist countries (1970-89), $369 million

    • Currency:
      1 Sri Lankan rupee (SLRe) = 100 cents

    • Exchange rates:
      Sri Lankan rupees (SLRes) per US$1 - 50.115 (January 1995), 49.415 (1994), 48.322 (1993), 43.830 (1992), 41.372 (1991), 40.063 (1990)

    • Fiscal year:
      calendar year






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