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Economy of Sri Lanka

With an economy worth $80.591 billion (2015) ($233.637 billion PPP estimate), and a per capita GDP of about $11,068.996 (PPP),Sri Lanka has mostly had strong growth rates in recent years. The Sri Lankan economy has seen robust annual growth at 6.4 percent over the course of 2003 to 2012, well above its regional peers. In GDP per capita terms, it is ahead of other countries in the South Asian region. Since the end of the three-decade civil conflict, Sri Lanka is now focusing on long-term strategic and structural development challenges as it strives to transition to an upper middle income country.

The main economic sectors of the country are tourism, tea export, apparel, textile, rice production and other agricultural products. In addition to these economic sectors, overseas employment contributes highly in foreign exchange, 90% of expatriate Sri Lankans reside in the Middle East.

Sri Lanka has met the Millennium Development Goal (MDG) target of halving extreme poverty and is on track to meet most of the other MDGs, outperforming other South Asian countries. Sri Lanka experienced a big decline in poverty between 2002 and 2009 - from 23 percent to 9 percent of the population. Despite this pockets of poverty continue to exist. An estimated 9 percent of Sri Lankans who are no longer classified as poor live within 20 percent of the poverty line and are, thus, vulnerable to shocks which could cause them to fall back into poverty.

Sri Lanka plans to create a knowledge based social market economy and an export-oriented economy as well as the Western Region Megapolis a Megapolis in the western province to promote economic growth. Creation of several business and technology development areas specialized in various sectors island wide as well as tourism zones in a planned manner is also being planned. The government is also planning on regaining GSP+ trade concessions as well as joining the Trans-Pacific Partnership (TPP).

Sectors

Tourism

Tourism is one of the main industries in Sri Lanka. Major tourist attractions are focused around the islands famous beaches located in the southern and the eastern parts of the country and ancient heritage sites located in the interior of the country and resorts located in the mountainous regions of the country.

Tea industry

The tea industry, operating under the Ministry of Public Estate Management and Development, is one of the main industries in Sri Lanka. Recently, Sri Lanka has become one of the countries exporting fair trade tea to the UK and other countries. It is believed that such projects could reduce rural poverty.

Apparel and textile industry

The apparel industry of the Sri Lanka mainly exports to the United States and Europe. Europe increasingly relies on Sri Lankan textiles due to the high cost of labour in Europe. There are about 900 factories throughout country serving companies such as Victoria's Secret, Liz Claiborne and Tommy Hilfiger.

Agriculture

The agricultural sector of the country produces mainly rice, coconut and grain, largely for domestic consumption and occasionally for export. The tea industry which has existed since 1867 is not usually regarded as part of the agricultural sector, which is mainly focused on export rather than domestic use in the country. IT industry

Export revenue of Sri Lankan IT sector is estimated to be USD 720 million in 2013.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Sri Lanka"

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