Includes historical data for Sri Lanka’s Gross Domestic Product growth, debt-to-GDP ratio and more, as well as information on trade, banking and financial sector leadership.
Ongoing Debt Crisis Hampers Economic Growth
In 2022, an economic crisis struck Sri Lanka. Its currency collapsed and inflation surged, igniting political unrest and a humanitarian emergency marked by severe shortages of essential goods. Amid the crisis, the vigorous growth in tourism experienced up until that point slowed down significantly, and plans to reposition Sri Lanka as a knowledge-based, export-oriented hub stalled.
Still, Sri Lanka enjoys a strategic location at the crossroads of trade routes linking Asia and the Middle East, and boasts a diverse economic base spanning agriculture, manufacturing, construction, as well as finance, telecommunications and IT services. However, while potentially very attractive to foreign investors, the business climate in Sri Lanka also suffers from political influence, burdensome regulatory frameworks, and rigid labor regulations. The government’s high debt payments resulting from heavy reliance on imports and an inflated civil service, vulnerability to climate disasters, and ethnic tensions further compound Sri Lanka’s economic woes.
Macroeconomy & Sovereign Data
| Type of Government | Presidential republic |
|---|---|
| Capital | Colombo (commercial capital); Sri Jayewardenepura Kotte (legislative capital) |
| Sovereign Ratings |
S&P: CCC+ Moody’s: Ca Fitch: CCC- |
| Total Population | 22.4 million |
| Median Age | 33 |
| Adult Per Capita Income (PPP) | 23,780.31 |
| Total GDP (2023) | 74.9 billion |
Sri Lanka GDP & Economic Overview
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Trade & Investment
| Total Exports | USD 19.3 billion (2022) |
|---|---|
| Leading Exports |
Clothing And Apparel Tea Used Tires Rubber Products Precious Stones Cinnamon Broadcasting Equipment |
| Total Imports | USD 14.4 billion (2022) |
| Leading Imports |
Refined Petroleum Textiles Gold Cars |
| Source: | IMF, CIA The World Factbook |
Sri Lanka Leading Companies
| Bank of Ceylon | Financials |
|---|---|
| People's Bank | Financials |
| Commercial Bank of Ceylon | Financials |
| John Keells Holdings | Conglomerates, Food & Staples Retailing, Hotels, Restaurants & Leisure |
| Sri Lanka Telecom | Telecommunication Services |
| Ceylon Petroleum Corporation | Energy, Oil & Gas Refining & Marketing |
| Hayleys | Conglomerates, Industrials, Construction & Engineering, Transportation |
Major Trade Partners — Import
| China | 23.7% |
|---|---|
| India | 22.1% |
| United Arab Emirates | 6.6% |
| Malaysia | 3.8% |
| Singapore | 3.6% |
Major Trade Partners — Export
| United States | 24.8% |
|---|---|
| United Kingdom | 7.5% |
| India | 7.0% |
| Germany | 6.1% |
| Italy | 4.7% |
Global Finance Rankings & Awards
Data Sources:
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000