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Sri Lanka economy snapshot

2019

Updated March 2020

GDP growth

3.2%

Sri Lanka’s economic growth rate has been falling steadily over the past 5 years and is currently stands lower than the developing-country average.

 
Source: World Bank

 
Source: Asian Development Bank, World Bank, Kapital Economics. *Unweighted average

GDP per capita

$4,102

GDP per capita rose considerably in the early 2000’s but lately has seen sluggish improvement with 2018 showing no improvement from the previous year.


Source: World Bank

 
Source: World Bank

Exports

+5%

Sri Lanka’s exports are still dominated by textile and garments exports, which have not gained competitiveness in the global market place in the past two decades.


Source: World Bank

 
Source: Central Bank of Sri Lanka

 
Source: UN COMTRADE

Equity market

+0%

Sri Lankan equities have under-performed those in the rest of the world, and notably those in Emerging Markets.


Source: MSCI

 
Source: MSCI

The current and trade accounts

-3.2%, -11.6%

Incessant weakness in the trade balance have caused a long-standing deficit on the current account, both of which continue to deteriorate.

 
Source: Central Bank of Sri Lanka.

The income and services accounts

-2.7%, +4.2%

A worrying sign is emerging on the income account, which currently stands at a lower level than it did in the 2009 global recession.

Currently offsetting the income account deficit are tourism earnings, which have risen rapidly over the past decade.

 
Source: Central Bank of Sri Lanka.

 
Source: Central Bank of Sri Lanka. *Tourist services are the sum of travel services and passenger transport services

Inflation

+2.4%

Sri Lanka’s inflation moving with global inflation trends, with all its implications for the standard theory of money and prices.


Source: World Bank

 
Source: World Bank