A beach in Sri Lanka

Sri Lanka Economic Data & Projections

Sri Lanka's Macroeconomic Analysis:

Nominal GDP of USD 74.2 billion in 2022.

Nominal GDP of USD 84.3 billion in 2023.

GDP per capita of USD 3,824 compared to the global average of USD 10,589.

GDP per capita of USD 3,347 compared to the global average of USD 10,589.

Average real GDP growth of 2.5% over the last decade.

Average real GDP growth of 1.5% over the last decade.

Share of the region's population
Share of the region's GDP

Sector Analysis

In 2021, services accounted for 63% of overall GDP, manufacturing 18%, other industrial activity 10%, and agriculture 9%. Looking at GDP by expenditure, private consumption accounted for 70% of GDP in 2021, government consumption 10%, fixed investment 28%, and net exports -8%.

GDP by economic sector
GDP by type of expenditure

International trade

In 2021, manufactured products made up 69% of total merchandise exports, mineral fuels 2%, food 26%, ores and metals 1% and agricultural raw materials 3%, with other categories accounting for -1% of the total. In the same period, manufactured products made up 67% of total merchandise imports, mineral fuels 16%, food 13%, ores and metals 2% and agricultural raw materials 2%, with other goods accounting for 0% of the total. Total exports were worth USD 13 billion in 2022, while total imports were USD 18 billion.

Key exports
Key imports
Key export partners
Key import partners

Main Economic Indicators

Economic growth

The economy recorded average annual growth of 2.5% in the decade to 2022. To read more about GDP growth in Sri Lanka, go to our dedicated page.

Fiscal policy

Sri Lanka's fiscal deficit averaged 7.2% of GDP in the decade to 2021. Find out more on our dedicated page.

Unemployment

The unemployment rate averaged 4.5% in the decade to 2022. For more information on Sri Lanka's unemployment click here.

Inflation

Inflation averaged 8.5% in the decade to 2022. Go to our Sri Lanka inflation page for extra insight.

Monetary Policy

Sri Lanka's monetary policy rate ended 2022 at 15.50%, up from 9.50% a decade earlier. See our Sri Lanka monetary policy page for additional details.

Exchange Rate

From end-2012 to end-2022 the rupee weakened by 65.3% vs the U.S. dollar. For more info on the rupee, click here.

Economic situation in Sri Lanka

In Q3, GDP is projected to have grown for the fifth consecutive quarter in annual terms, but at the least sharp rate in a year. Looking at available data, industrial production rose the least in a year and tourism revenue in one-and-a-half years. Moreover, the volume of net exports shrank more than in the prior three months. More positively, the manufacturing and services PMIs hit three- and four-quarter highs, respectively, and double-digit remittances growth plus lower inflation likely boosted private spending. In politics, the new left-wing President’s party won an absolute majority in elections held on 14 November, cementing political stability. In other news, in November, Moody’s said it might raise Sri Lanka’s credit rating; the government has nearly finished restructuring its dollar bonds and just received a USD 2.9 billion third bailout tranche from the IMF.

Sri Lanka Economic Forecasts

Projections out to 2034.

45 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 16 expert analysts.

Want to get insight on the economic outlook for Sri Lanka in the coming years? FocusEconomics collects projections out to 2034 on 45 economic indicators for Sri Lanka from a panel of 16 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Sri Lanka economy. To download a sample report on the Sri Lanka's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Sri Lanka Economic Indicators

2019 2020 2021 2022 2023
Population (million) 21.8 21.9 22.2 22.2 22.0
GDP (USD bn) 89.0 84.4 88.7 74.0 84.3
GDP per capita (USD) 4,084 3,849 4,006 3,335 3,824
GDP (LKR bn) 15,911 15,646 17,612 24,064 27,630
Economic Growth (Nominal GDP, ann. var. %) 3.6 -1.7 12.6 36.6 14.8
Economic Growth (GDP, ann. var. %) -0.2 -4.6 4.2 -7.3 -2.3
Private Consumption (ann. var. %) 3.8 -5.8 2.7 -0.5 -1.6
Government Consumption (ann. var. %) 6.6 0.0 -2.8 1.4 -5.4
Fixed Investment (ann. var. %) -10.6 -8.6 6.9 -24.3 -8.7
Exports (G&S, ann. var. %) 1.7 -29.6 10.1 10.2 12.0
Imports (G&S, ann. var. %) -3.5 -20.1 4.1 -19.9 6.5
Industrial Production (ann. var. %) 1.3 -10.2 7.3 -12.1 -3.8
Unemployment (% of active population, aop) 4.8 5.5 5.2 4.7 4.7
Fiscal Balance (% of GDP) -7.5 -12.2 -11.7 -10.2 -8.3
Public Debt (% of GDP) 81.9 96.6 100.0 114.2 103.9
Money (ann. var. of M2 %) 7.6 22.9 13.5 8.9 9.4
Inflation (CCPI, ann. var. %, eop) 4.8 4.2 12.1 54.5 4.0
Inflation (CCPI, ann. var. %, aop) 4.3 4.6 5.9 44.8 17.4
Standing Lending Facility Rate (%, eop) 8.00 5.50 6.00 15.50 10.00
Exchange Rate (LKR per USD, eop) 181 185 203 367 324
Exchange Rate (LKR per USD, aop) 179 185 198 325 328
Current Account Balance (USD bn) -1.8 -1.2 -3.3 -1.4 1.6
Current Account Balance (% of GDP) -2.1 -1.4 -3.7 -2.0 1.8
Merchandise Trade Balance (USD bn) -8.0 -6.0 -8.1 -5.2 -4.9
Merchandise Exports (USD bn) 11.9 10.0 12.5 13.1 11.9
Merchandise Imports (USD bn) 19.9 16.1 20.6 18.3 16.8
Merchandise Exports (ann. var. %) 0.4 -15.9 24.4 4.9 -9.1
Merchandise Imports (ann. var. %) -10.3 -19.5 28.5 -11.4 -8.1
Foreign Direct Investment (USD bn) 0.7 0.4 0.6 0.9 0.7
International Reserves (USD bn) 7.6 5.7 3.1 1.9 4.4
International Reserves (months of imports) 4.6 4.2 1.8 1.2 3.1
External Debt (USD bn) 56.1 56.9 58.7 58.7 61.7
External Debt (% of GDP) 63.0 67.4 66.2 79.4 73.2
Free Sample Report

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