Brief overview of the Sri Lankan Economy

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.



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               333


Labour force (‘000 persons):                               8,805 


Unemployment rate (per cent of labour force):      4.3 




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






Trade balance (US$ million): -8,287


Exports):    11,130


Imports:     19,417





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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