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Economy of Sri Lanka

Sri Lanka is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Sri Lanka may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Sri Lanka exports around $10.39 billion and imports roughly $18 billion. 4.1% of population in the country are unemployed. The total number of unemployed people in Sri Lanka is 858,952. In Sri Lanka, 8.9% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Sri Lanka is low, indicating that it has a stable economy. Investors should consider Sri Lanka to be a safe location for investments and other financial ventures. Government expenditure on education is 2.6% of GDP. The Gini Index of the country is 49. Sri Lanka is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Sri Lanka has a Human Development Index (HDI) of 0.75. Sri Lanka has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The Global Peace Index (GPI) for Sri Lanka is 2.188. The strength of legal rights index for Sri Lanka is 3. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.

Currency

The currency of Sri Lanka is Sri Lankan rupee. The plural form of the word Sri Lankan rupee is rupees. The symbol used for this currency is රු, and it is abbreviated as LKR. The Sri Lankan rupee is divided into Cent; there are 100 in one rupee.

Credit rating

The depth of credit information index for Sri Lanka is 6, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Sri Lanka has a credit rating score of B+, and the prospects of this rating are positive. According to the Fitch credit-rating agency, Sri Lanka has a credit rating score of BB-, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Sri Lanka has a credit rating score of B1, and the prospects of this rating are positive.

Central bank

In Sri Lanka, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Sri Lanka. Locally, the central bank of Sri Lanka is called இலங்கை மத்திய வங்கி. The average deposit interest rate offered by local banks in Sri Lanka is 7.5%.

Public debt

Sri Lanka has a government debt of 81% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Sri Lanka is set at 28%. Personal income tax ranges from 0% to 35%, depending on your specific situation and income level. VAT in Sri Lanka is 12%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Sri Lanka is $218242 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Sri Lanka was last recorded at $10 million. PPP in Sri Lanka is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Sri Lanka is 67,203 billion. Based on this statistic, Sri Lanka is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Sri Lanka was last recorded at $3 million. The average citizen in Sri Lanka has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Sri Lanka averaged 7% in 2014. According to this percentage, Sri Lanka is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Sri Lanka.

Industry

Major industries in the country are processing of rubber, tea, coconuts, tobacco and other agricultural commodities, telecommunications, insurance, banking, tourism, shipping, clothing, textiles, cement, petroleum refining, information technology services, construction. The total labor force of Sri Lanka is 8,666,840 people, wherein 4.1% of population in the country are unemployed. The total number of unemployed people in Sri Lanka is 858,952. The Industrial Production growth rate of Sri Lanka is 9.4%.To read more about industrial information within Sri Lanka click on industry of Sri Lanka.

Agriculture

There are 9038 km2 of arable land in Sri Lanka, and it comprises 14% of the country's total territory. There are 18904 km2 of cultivated land in Sri Lanka. The country's major agricultural crops and products are rice, sugarcane, grains, pulses, oilseed, spices, vegetables, fruit, tea, rubber, coconuts, milk, eggs, hides, beef, fish.To read more about agriculture click on agriculture of Sri Lanka.