Key Economic Indicators of Sri Lanka

COUNTRY PROFILE

• Official Name  :  Democratic Socialist Republic of Sri Lanka
  
• Government Type  :  Republic
  
• Currency (Code)  :  Sri Lankan Rupee (LKR)
  
• Independence  :  4 February 1948
  
• Administrative Capital  :  Sri Jayewardenepura Kotte
  
• Commercial Capital  :  Colombo

GEOGRAPHY

• Location  :   North Latitude 5° 55. to 9° 50., East Longitude 79° 42. to 81° 52.
  
• Dimension  :  433km North to South, 226km East to West
  
• Area  :  65,610 sq.km
  
• Coastline  :  1,340km
  
• Climate  :  Typically tropical, with a northeast monsoon (December to March), and a southwest monsoon (June to October)
  
• Highest Mountain  :  Pidurutalagala, 2,524m
  
• Highest Waterfall  :  Bambarakanda, 263m

DEMOGRAPHY

• Population  :  21,803,000 (2019)
  
• Population  Growth Rate : 0.6% (2019)
  
• Population Density          :  348 people per sq km (2019)
  
• Life Expectancy at Birth  :  75.5 (2017)
  
• Literacy Rate    :  92.5 (Female 91.6 Male 93.4) (2018)
  
• Ethnic Groups  :  Sinhala 74.9%, Sri Lankan Tamil 11.1%, Sri Lankan Moor 9.3%, Indian Tamil 4.1%, Other 0.5% (2012)
  
• Religions          :  Buddhist 70.1%, Hindu 12.6%, Muslim 9.7%, Roman Catholic & Christian 7.6%, Other 0.03% (2012)
  

ECONOMY

• GDP at current market price        :  (US$ billion) 84.0 (2019)
  
• Per Capita GDP at Market Price  :  (US$) 3852 (2019)
  
• GDP - real growth rate                 :  2.3% (2019)
  
• GDP - composition, by sector of origin  :  Agriculture : 7.0%, industry : 26.4%, services : 57.4% (2019)
  
• Laborforce  :  8,181,000 (2019)
  
• Laborforce - by occupation  :  Agriculture : 25.3%, Industry : 27.6%, Services : 47.6% (2019)
  
• Unemployment rate   :  4.8% (2019)
  
• Agriculture Exports    :  Tea, Rubber, Coconut, Spices, Vegetables, Unmanufactured Tobacco, Seafood
  
• Industrial Exports  :  Textiles & Garments; Rubber Products; Petroleum Products; Gems & Jewellery; Food, beverages & Tobacco; Machinery & Mechanical Appliances; Printing Industry Products; Transport Equipment; Leather, Travel goods & Footwear; Ceramic products
  
• Total exports           :  US$ 11.94 billion (2019)
  
• Exports Partners  :  US 26%, UK 8%, India 6%,Germany 5.4%, Italy 4.4% (2019)
  
• Total imports          :  US$ 19.94 billion (2019)
  
• Main Imports   : Vehicles, Fuels, Textile & Textile Articles, Medical & Pharmaceuticals, Home Appliances, Food & Beverages, Diamonds, Precious stone, Metals, Chemical Products, Fertilizer, Building Materials, Transport equipment, Machinery & Equipment
  
• Import Partners  :  China 20.2%, India 19.6%,UAE 8.4%, Singapore 4.8%,Japan 4.4% (2019)
  

ECONOMIC OVERVIEW

The growth of the Sri Lankan economy moderated in the first half of the year amidst challenges emanating mainly in the domestic front, including the spillover effects of the Easter Sunday attacks. Accordingly, the economy grew at a slower pace of 2.6 per cent in real terms in the first half of 2019, compared to 3.9 per cent recorded in the corresponding period in 2018. The Central Bank continued to conduct monetary policy in a forward looking manner within an enhanced monetary policy framework aimed at stabilising inflation in mid-single digit levels, while progressing rapidly towards transitioning to full-fledged Flexible Inflation Targeting (FIT). In the meantime, the external sector remained resilient amidst the setback in the tourism sector following the Easter Sunday attacks. The trade deficit contracted significantly during the first eight months of 2019 in comparison to the corresponding period of 2018, with lower import expenditure and increased earnings from exports. The contraction of the trade deficit and healthy inflows to the services account helped record a surplus in the current account in the first quarter of the year, although a notable moderation in tourism earnings and workers’ remittances in the second quarter caused a marginal deficit in the current account in the first half of the year. Meanwhile, the financial account improved, particularly with the issuance of International Sovereign Bonds (ISBs). With these developments, gross official reserves increased to US dollars 7.6 billion by end September 2019 from US dollars 6.9 billion at end 2018 and the Sri Lankan rupee has appreciated against the US dollar thus far during the year.

Source: Central Bank of Sri Lanka, Recent Economic Developments: Highlights of 2019 and Prospects for 2020

Key Economic Indicators of Lebanon

COUNTRY PROFILE

• Official Name :  Republic of Lebanon
  
• Government Type :  Parliamentary Republic
  
• Currency (Code) :  Lebanease Pound (LBP)
  
• Independence :  22 November 1943
  
• Capital :  Beirut

GEOGRAPHY

• Total Area :  10,400 sq.km.
  
• Location :  Middle East (bordering the Mediterranean Sea, between Israel and Syria)
  
• Natural Resources :  Limestone, Iron ore, Salt, Water-Surplus State in a Water-Deficit Region, Arable Land
  
• Climate :  Mediterranean; mild to cool, wet winters with hot dry summers; Lebanon mountains experience heavy winter snows

DEMOGRAPHY

• Population :  6,237,738 (July 2016 est.)
• Nationality :  Lebanese(singular and plural)
• Languages :  Arabic(Official), French, English, Armenian 
• Life Expectancy at Birth :  79.0 (2015)
• Literacy Rate :  93.9% (Female 91.8% Male 96%) (2015 est.)
• Ethnic Groups :  Arab 95%, Armenian 4%, Others 1% 
• Religions :  Muslim 54%,(27% Sunni, 27% Shia), Christian 40.5% (includes 21% Maronite Catholic, 8% Greek Orthodox, 5% Greek Catholic, 6.5% other Christian), Druze 5.6%, very small numbers of Jews, Baha'is, Buddhists, Hindus, and Mormons

 ECONOMY

Source: ¹International Monetary Fund (IMF), ²Central Administration of Statistics (CAS),

³Ministry of Finance, ⁴Central Bank of Lebanon and IMF, ⁵IMF, Article IV 2019, ⁶Byblos Bank, ⁷UNCTAD

TRADE PERFORMANCE

Lebanon serves as an entry point to the regional market through its liberal trade regime with an export-oriented economic strategy. Local companies looking to expand their exports can tap into a market of around 900 million people capitalizing on Lebanon’s low tariff rates which range between 0 and 5 for around 75% of goods.

Furthermore, exporters can benefit from the multiple trade agreements that Lebanon is signatory to, including the Greater Arab Free Trade Area (GAFTA), Euro-Mediterranean Association Agreement and the European Free Trade Association (EFTA). Nonetheless, Lebanon’s trade balance recorded a deficit of USD 15.5 billion in 2019, down from USD 17 billion in 2018 due to a 4% decrease in total imports, mostly affected by the Syrian crisis and increasing regional competition.

Exports and Imports

In 2019, Lebanese exports of goods reached USD 3.7 billion, up 26% from USD 2.9 billion in 2018. Major exports accounting for around 60% of total exports included pearls, precious stones & metals (39% of total exports), machinery & electrical equipment (10%) and chemical products (10%).

Lebanese imports fell from USD 19.6 billion in 2018 to USD 19.2 billion in 2019 with a reduction in spending resulting from the 17th of October events and inability to import raw materials. Major imports accounting for more than 50% of total imports included mineral products (34%), chemical products (10%) and machinery & electrical equipment (9%).

Lebanon's top import partners in 2019 included the USA with 9% of the total import share, followed by China (8%), Greece (7%), Russia (7%) and Italy (7%). In terms of markets, the EU constituted Lebanon's main source of imports or 40% of total imports.  

Lebanon's top export partners in 2019 included the Switzland 28%, United Arab Emirates 12%, Saudi Arabia7%, Syrian Arab Republic 5% and Iraq 4%.  

Source: Lebanese Customs

Secondary Source : https://investinlebanon.gov.lb/en/lebanon_at_a_glance/lebanon_in_figures/trade_performance