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    Sri Lanka Economy - 2004
    https://immigration-usa.com/wfb2004/sri_lanka/sri_lanka_economy.html
    SOURCE: 2004 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 5.2% in 2003. 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.

      GDP:
      purchasing power parity - $73.49 billion (2003 est.)

      GDP - real growth rate:
      5.2% (2003 est.)

      GDP - per capita:
      purchasing power parity - $3,700 (2003 est.)

      GDP - composition by sector:
      agriculture: 19.2%
      industry: 25.3%
      services: 55.5% (2002)

      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):
      9% (2003 est.)

      Labor force:
      6.6 million (1998)

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

      Unemployment rate:
      8% (2003)

      Budget:
      revenues: $2.8 billion
      expenditures: $4.1 billion, including capital expenditures of $NA (2001 est.)

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

      Industrial production growth rate:
      7.6% (2003)

      Electricity - production:
      6.36 billion kWh (2001)

      Electricity - production by source:
      fossil fuel: 51.7%
      hydro: 48.3%
      other: 0% (2001)
      nuclear: 0%

      Electricity - consumption:
      5.915 billion kWh (2001)

      Electricity - exports:
      0 kWh (2001)

      Electricity - imports:
      0 kWh (2001)

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

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

      Oil - exports:
      NA

      Oil - imports:
      NA

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

      Exports:
      $5.269 billion f.o.b. (2003 est.)

      Exports - commodities:
      textiles and apparel, tea, diamonds, coconut products, petroleum products

      Exports - partners:
      US 37.7%, UK 12.6%, Germany 4.3% (2002)

      Imports:
      $6.626 billion f.o.b. (2003 est.)

      Imports - commodities:
      textiles, mineral products, petroleum, foodstuffs, machinery and equipment

      Imports - partners:
      India 13.8%, Hong Kong 8.1%, Singapore 7.2%, Japan 5.9%, South Korea 5%, Taiwan 4.8%, UAE 4.5%, UK 4.3%, China 4.3% (2002)

      Debt - external:
      $10.1 billion (2003)

      Economic aid - recipient:
      $577 million (1998)

      Currency:
      Sri Lankan rupee (LKR)

      Currency code:
      LKR

      Exchange rates:
      Sri Lankan rupees per US dollar - 96.52 (2003), 95.66 (2002), 89.38 (2001), 77.01 (2000), 70.64 (1999)

      Fiscal year:
      calendar year


      NOTE: The information regarding Sri Lanka on this page is re-published from the 2004 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Sri Lanka Economy 2004 information contained here. All suggestions for corrections of any errors about Sri Lanka Economy 2004 should be addressed to the CIA.

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    https://immigration-usa.com/wfb2004/sri_lanka/sri_lanka_economy.html

    Revised 21-May-04
    Copyright © 2004 Photius Coutsoukis (all rights reserved)


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