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Economy of Sri Lanka

Sri Lanka or Democratic Socialist Republic of Sri Lanka is an island nation located in the northern Indian Ocean. It has a republic and a unitary state ruled by an executive system. The capital, Sri Jayawardenepura Kotte, is a district of the biggest city, Colombo. Sri Lanka produces massive amount of tea, coffee, gemstones and coconuts that are famous all across the globe. The estimated GDP of Sri Lanka in terms of purchasing power parity (PPP) is $134.5 billion as of 2013 which is the sixty-fifth largest when compared to other countries. After putting an end to the 26 year old conflict and war with Liberation Tigers of Tamil Eelam, Sri Lanka continues to experience strong economic growth courtesy of its strong governmental economic policies and prospering industrial sectors. The government has been working with to instigate more new development projects for the enhancement of country’s overall growth. With the continuous and increasing growth in the plantation sector, the industrialization of Sri Lanka has amplified the significance of food processing, textiles, telecommunications and finance. Some of the other notable industrial sectors of nation include construction, petroleum refining and cement. Sri Lanka has a calendar year system for handling the fiscal affairs of the nation.

Imports of Sri Lanka

The estimated import value of Sri Lanka is $18 billion as of 2013. Despite being producing plethora of plantation, in order to deal with the internal demands of people, Sri Lanka imports a high percentage of petroleum, apparel, machinery, transportation equipment, building materials, foodstuffs and many others. The main import partners of Sri Lanka include India, Singapore, UAE, China, Iran and Malaysia.

Exports of Sri Lanka

The estimated export value of Sri Lanka is $10.39 billion as of 2013. The major export commodities of Sri Lanka include textiles, apparel, tea, spices, rubber, precious stones, coconuts and fish. United States of America gets heavy amount of commodities from Sri Lanka while other main export partners of Sri Lanka are India, UK, Belgium and Germany.

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Capital
Sri Jayawardenepura
Dialing Code
+94
Fiscal Year
Calendar Year
Currency
Sri Lankan Rupee (LKR)
GDP
$91,870,000,000
Exports
$10.89 billion (2011 est.) | Textiles And Apparel, Tea And Spices; Rubber Manufactures; Precious Stones; Coconut Products, Fish
Imports
$16.89 billion (2011 est.) | Petroleum, Textiles, Machinery And Transportation Equipment, Building Materials, Mineral Products, Foodstuffs
Industries
Processing Of Rubber, Tea, Coconuts, Tobacco And Other Agricultural Commodities; Telecommunications, Insurance, Banking; Tourism, Shipping; Clothing, Textiles; Cement, Petroleum Refining, Information Technology Services, Construction