ARCHIVE // LK // TIME-SERIES
Economic overview
Sri Lanka — 36 years of data
Historical Values
| Year | Value |
|---|---|
| 1990 | Agriculture, forestry, and fishing dominate the economy, employing about half of the labor force and accounting for about 25% of GDP. The plantation crops of tea, rubber, and coconuts provide about 50% of export earnings and almost 20% of budgetary revenues. The economy has been plagued by high rates of unemployment since the late 1970s. |
| 1991 | Agriculture, forestry, and fishing dominate the economy, employing about 45% of the labor force and accounting for 26% of GDP. The plantation crops of tea, rubber, and coconuts provide about 35% of export earnings. The economy has been plagued by high rates of unemployment since the late 1970s. Economic growth, which has been depressed by ethnic unrest, accelerated in 1990 as domestic conditions began to improve. |
| 1992 | Agriculture, forestry, and fishing dominate the economy, employing half of the labor force and accounting for one quarter of GDP. The plantation crops of tea, rubber, and coconuts provide about one-third of export earnings. The economy has been plagued by high rates of unemployment since the late 1970s. Economic growth, which has been depressed by ethnic unrest, accelerated in 1991 as domestic conditions began to improve. |
| 1993 | Agriculture, forestry, and fishing dominate the economy, employing half of the labor force and accounting for one quarter of GDP. The plantation crops of tea, rubber, and coconuts provide about one-third of export earnings. The economy has been plagued by high rates of unemployment since the late 1970s. Economic growth, which has been depressed by ethnic unrest, accelerated in 1991-92 as domestic conditions began to improve and conditions for foreign investment brightened. |
| 1994 | Industry - dominated by the fast-growing apparel industry - has surpassed agriculture as the main source of export earnings and accounts for over 16% of GDP. The economy has been plagued by high rates of unemployment since the late 1970s. Economic growth, which has been depressed by ethnic unrest, accelerated in 1991-93 as domestic conditions began to improve and conditions for foreign investment brightened. |
| 1995 | Industry - dominated by the fast-growing apparel industry - has surpassed agriculture as the main source of export earnings and accounts for over 16% of GDP. The economy has been plagued by high rates of unemployment since the late 1970s. Economic growth, which has been depressed by ethnic unrest, accelerated in 1991-94 as domestic conditions began to improve and conditions for foreign investment brightened. Currently, however, the new government's emphasis on populist measures has clouded Sri L |
| 1996 | Industry - dominated by the fast-growing apparel industry - has surpassed agriculture as the main source of export earnings. The economy has been plagued by high rates of unemployment since the late 1970s. Economic growth accelerated in 1991-94 as domestic conditions began to improve and conditions for foreign investment brightened. In 1995, however, the government's emphasis on populist measures and its preoccupation with the stepped-up Tamil insurgency have clouded Sri Lanka's economic prospec |
| 1997 | Industry - dominated by the fast-growing apparel industry - has surpassed agriculture as the main source of export earnings. The economy has been plagued by high rates of unemployment since the late 1970s. Economic growth accelerated in 1991-95 as domestic conditions began to improve and conditions for foreign investment brightened. In 1996, however, a drought, slow economic reform, and civil war exacted a heavy economic toll. Insufficient monsoon rains caused power cuts that hurt industrial and |
| 1998 | At independence in 1948, plantations growing tea, rubber, or coconuts and paddies growing rice for subsistence dominated Sri Lanka's economy, and, as late as 1970, plantation crops accounted for 93% of exports. 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 industries now are food processing, textiles and apparel, food and beverages, telecommunications, and insurance an |
| 1999 | 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 industries now are food processing, textiles and apparel, food and beverages, telecommunications, and insurance and banking. By 1996 plantation crops made up only 20% of exports (compared with 93% in 1970), while textiles and garments accounted for 63%. GDP grew at an annual average rate of 5.5% throughout the 1990s until a |
| 2000 | 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 industries now are food processing, textiles and apparel, food and beverages, telecommunications, and insurance and banking. By 1996 plantation crops made up only 20% of exports (compared with 93% in 1970), while textiles and garments accounted for 63%. GDP grew at an annual average rate of 5.5% throughout the 1990s until a |
| 2001 | 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. By 1996 plantation crops made up only 20% of exports (compared with 93% in 1970), while textiles and garments accounted for 63%. GDP grew at an annual average rate of 5.5% throughout the 1990s until a dr |
| 2002 | 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. By 1996 plantation crops made up only 20% of exports (compared with 93% in 1970), while textiles and garments accounted for 63%. GDP grew at an average annual rate of 5.5% throughout the 1990s until a dr |
| 2003 | 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. By 1996 plantation crops made up only 20% 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 drou |
| 2004 | 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 dro |
| 2005 | 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 dro |
| 2006 | 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 about 5.5% in the 1990s, but 2001 s |
| 2007 | In 1977, Colombo abandoned statist economic policies and its import substitution trade policy for more market-oriented policies, export-oriented trade, and encouragement of foreign investment. Recent changes in government, however, have brought some policy reversals. Currently, the ruling Sri Lanka Freedom Party has a more statist economic approach, which seeks to reduce poverty by steering investment to disadvantaged areas, developing small and medium enterprises, promoting agriculture, and exp |
| 2008 | In 1977, Colombo abandoned statist economic policies and its import substitution trade policy for more market-oriented policies, export-oriented trade, and encouragement of foreign investment. Recent changes in government, however, have brought some policy reversals. Currently, the ruling Sri Lanka Freedom Party has a more statist economic approach, which seeks to reduce poverty by steering investment to disadvantaged areas, developing small and medium enterprises, promoting agriculture, and exp |
| 2009 | In 1977, Colombo abandoned statist economic policies and its import substitution trade policy for more market-oriented policies, export-oriented trade, and encouragement of foreign investment. Recent changes in government, however, have brought some policy reversals. Currently, the ruling Sri Lanka Freedom Party has a more statist economic approach, which seeks to reduce poverty by steering investment to disadvantaged areas, developing small and medium enterprises, promoting agriculture, and exp |
| 2010 | Sri Lanka is engaging in large-scale reconstruction and development projects following the end of the 26-year conflict with the LTTE, including increasing electricity access and rebuilding its road and rail network. Additionally, Sri Lanka seeks to reduce poverty by using a combination of state directed policies and private investment promotion to spur growth in disadvantaged areas, develop small and medium enterprises, and promote increased agriculture, High levels of government funding may be |
| 2011 | Sri Lanka is engaging in large-scale reconstruction and development projects following the end of the 26-year conflict with the LTTE, including increasing electricity access and rebuilding its road and rail network. Additionally, Sri Lanka seeks to reduce poverty by using a combination of state directed policies and private investment promotion to spur growth in disadvantaged areas, develop small and medium enterprises, and promote increased agriculture. High levels of government funding may be |
| 2012 | Sri Lanka continues to experience strong economic growth following the end of the 26-year conflict with the Liberation Tigers of Tamil Ellam (LTTE). The government has been pursuing large-scale reconstruction and development projects supplemented with private investment in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government's high debt payments and bloated civil service have contributed to his |
| 2013 | Sri Lanka continues to experience strong economic growth following the end of the 26-year conflict with the Liberation Tigers of Tamil Eelam (LTTE). The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government's high debt payments and bloated civil service have contributed to historically high budget deficits, but f |
| 2014 | Sri Lanka continues to experience strong economic growth following the end of the 26-year conflict with the Liberation Tigers of Tamil Eelam. The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government's high debt payments and bloated civil service have contributed to historically high budget deficits, but fiscal c |
| 2015 | Sri Lanka continues to experience strong economic growth following the end of the government's 26-year conflict with the Liberation Tigers of Tamil Eelam. The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government's high debt payments and bloated civil service have contributed to historically high budget deficits, |
| 2016 | Sri Lanka continues to experience strong economic growth following the end of the government's 26-year conflict with the Liberation Tigers of Tamil Eelam. The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises, and increase agricultural productivity. | The government's high debt payments and bloated civil service have contributed to historically high budget defici |
| 2017 | Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under an IMF program. The government's high debt payments and bloated civil service cadre, which have contributed to historically high budget deficits and low tax revenues, remain a concern. Government debt is almost 80% of GDP and remains among the highest of the emerging markets. | The new government in 2015 drastically increased wages for public sector employees, which boosted demand for consumer good |
| 2018 | Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under the IMF program it began in 2016. The government's high debt payments and bloated civil service, which have contributed to historically high budget deficits, remain a concern. Government debt is about 79% of GDP and remains among the highest of the emerging markets. In the coming years, Sri Lanka will need to balance its elevated debt repayment schedule with its need to maintain adequate foreign ex |
| 2019 | Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under the IMF program it began in 2016. The government's high debt payments and bloated civil service, which have contributed to historically high budget deficits, remain a concern. Government debt is about 79% of GDP and remains among the highest of the emerging markets. In the coming years, Sri Lanka will need to balance its elevated debt repayment schedule with its need to maintain adequate foreign ex |
| 2020 | Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under the IMF program it began in 2016. The government's high debt payments and bloated civil service, which have contributed to historically high budget deficits, remain a concern. Government debt is about 79% of GDP and remains among the highest of the emerging markets. In the coming years, Sri Lanka will need to balance its elevated debt repayment schedule with its need to maintain adequate foreign ex |
| 2021 | Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under the IMF program it began in 2016. The government's high debt payments and bloated civil service, which have contributed to historically high budget deficits, remain a concern. Government debt is about 79% of GDP and remains among the highest of the emerging markets. In the coming years, Sri Lanka will need to balance its elevated debt repayment schedule with its need to maintain adequate foreign ex |
| 2022 | Sri Lanka s economy has historically relied upon government-guided market investments, and since 2009, several sectors have been excluded from any privatization efforts. Major infrastructure development of rural and civil war-impacted areas remains a major focus, as does small business development. Sri Lanka s longstanding high debt and large civil service have contributed to historically high budget deficits and remain a concern. Sri Lankan tourism soared since the end of conflict with the Libe |
| 2023 | lower middle-income South Asian island economy; extremely high public debts; rapid inflation; facing domestic food, fuel, and medicine shortages; tourism industry disrupted by COVID-19; known garment and commodities exporter; low foreign exchange reserves |
| 2024 | economic contraction in 2022-23 marked by increased poverty and significant inflation; IMF two-year debt relief program following 2022 sovereign default; structural challenges from non-diversified economy and rigid labor laws; heavy dependence on tourism receipts and remittances |
| 2025 | economic contraction in 2022-23 marked by increased poverty and significant inflation; IMF two-year debt relief program following 2022 sovereign default; structural challenges from non-diversified economy and rigid labor laws; heavy dependence on tourism receipts and remittances |