Brief overview of the Sri Lankan Economy
2016-04-05
 

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II n 2014, the Sri Lankan economy showed its resilience in the face of domestic as well as external challenges. Real GDP grew by 7.4 per cent in 2014, in comparison to the growth of 7.2 per cent in 2013. Accordingly, GDP per capita increased to US dollars 3,625 in 2014 from US dollars 3,280 in the previous year. The economy was driven by domestic consumption expenditure that constitutes the largest share of aggregate demand, while investments, particularly on construction, also provided an impetus to the economic expansion during the year. On the production side, the Industry and Services sectors continued to perform well, while adverse weather conditions dampened the performance of the Agriculture sector during the year. Inflation remained at single digit levels for the sixth consecutive year, with year-on-year and annual average inflation declining to 2.1 per cent and 3.3 per cent, respectively, by end 2014, from 4.7 per cent and 6.9 per cent, respectively, at end 2013.


KEY ECONOMIC INDICATORS

 

DEMOGRAPHY   (Based on the preliminary data of the Census of Population and Housing 2012, covering the entire island)

 

Mid-year population (‘000 persons):                      20,675

 

Population density (persons per sq.km.):               333

 

Labour force (‘000 persons):                               8,805 

 

Unemployment rate (per cent of labour force):      4.3 

 

OUTPUT

 

GDP at current market prices (Rs. billion):          9,785

 

GNP at current market prices (Rs. billion):          9,545

 

Per capita GDP at market prices (Rs.):               473,261

 

Per capita GNP at market prices (Rs.):               461,650

 

Per capita GDP at market prices (US$):               3,625

 

Per capita GNP at market prices (US$):              3,536

 

 

REAL OUTPUT (percentage change)

 

GNP:   7.5

 

GDP:   7.4

 

Sectoral classification of GDP:

 

Agriculture:   0.3 

 

Industry:       11.4

 

Services:        6.5

 

 

EXTERNAL TRADE

 

 

Trade balance (US$ million): -8,287

 

Exports):    11,130

 

Imports:     19,417

 

 

EXCHANGE RATES

 

Annual average

 

Rs/US$:   130.56

 

Rs/SDR :  198.35

 

Year end

 

Rs/US$: 131.5

 

Rs/SDR: 189.86


 

Source - Central Bank of Sri Lanka: Annual Report 2014

 

 


 

 

 

  

 

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