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In 1977, Colombo abandoned statist- and import substitution-policies for more market- and export-oriented policies, including encouragement of foreign investment. Sri Lanka suffered through a brutal civil war from 1983 to 2009. Despite the war, Sri Lanka saw GDP growth average nearly 5% in the last 10 years. Government spending on development and fighting the LTTE drove GDP growth to around 6-7% per year in 2006-08. Growth was 3.5% in 2009, still high despite the world recession. Sri Lanka's most dynamic sectors are now food processing, textiles and apparel, food and beverages, port construction, telecommunications, and insurance and banking. About 1.5 million Sri Lankans work abroad, 90% of them in the Middle East. They send home more than $3 billion a year. President RAJAPAKSA's reelection in 2010 means that the Government of Sri Lanka will likely continue its more statist economic approach, that seeks to reduce poverty by steering investment to disadvantaged areas, developing small and medium enterprises, promoting agriculture, and expanding the already enormous civil service. The end of the 26-year conflict with the LTTE has opened the door for reconstruction and development projects in the north and east. Funding these projects will be difficult, as the government already is faced with high debt interest payments, a bloated civil service, and high budget deficits. The 2008-09 global financial crisis and recession exposed Sri Lanka's economic vulnerabilities and nearly caused a balance of payments crisis, which was alleviated by a $2.6 billion IMF standby agreement in July 2009. But the end of the civil war and the IMF loan restored investors' confidence. The Sri Lankan stock market gained over 100% in 2009, one of the best performing markets in the world. Official foreign reserves improved to more than $5 billion by November 2009, providing over 6 months of imports cover.
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$96.6 billion (2009 est.)
country comparison to the world: 69
$93.34 billion (2008 est.)
$88.05 billion (2007 est.)
note:
data are in 2009 US dollars
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$41.32 billion (2009 est.)
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3.5% (2009 est.)
country comparison to the world: 54
6% (2008 est.)
6.8% (2007 est.)
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$4,500 (2009 est.)
country comparison to the world: 150
$4,400 (2008 est.)
$4,200 (2007 est.)
note:
data are in 2009 US dollars
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agriculture: 12.6%
industry:
29.7%
services:
57.7% (2009 est.)
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7.572 million
country comparison to the world: 58
note:
excludes northern and eastern provinces (2009 est.)
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agriculture: 32.7%
industry:
26.3%
services:
41% (December 2008 est.)
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5.9% (2009 est.)
country comparison to the world: 54
5.5% (2008 est.)
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23% (2008 est.)
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lowest 10%: 1.1%
highest 10%:
39.7% (2004)
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49 (2007)
country comparison to the world: 27
46 (1995)
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22.7% of GDP (2009 est.)
country comparison to the world: 64
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revenues: $6.33 billion
expenditures:
$10.42 billion (2009 est.)
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86.7% of GDP (2009 est.)
country comparison to the world: 12
81.1% of GDP (2008 est.)
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3.4% (2009 est.)
country comparison to the world: 109
22.6% (2008)
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7.5% (31 December 2009)
country comparison to the world: 35
10.5% (31 December 2008)
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10.91% (31 December 2009)
country comparison to the world: 20
18.89% (31 December 2008)
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$2.462 billion (31 December 2008)
country comparison to the world: 88
$2.465 billion (31 December 2007)
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$11.01 billion (31 December 2008)
country comparison to the world: 61
$10.46 billion (31 December 2007)
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$16.5 billion (31 December 2008)
country comparison to the world: 70
$14.82 billion (31 December 2007)
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$8.172 billion (31 December 2009)
country comparison to the world: 84
$4.326 billion (31 December 2008)
$7.553 billion (31 December 2007)
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rice, sugarcane, grains, pulses, oilseed, spices, vegetables, fruit, tea, rubber, coconuts; milk, eggs, hides, beef; fish
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processing of rubber, tea, coconuts, tobacco and other agricultural commodities; telecommunications, insurance, banking; tourism, shipping; clothing, textiles; cement, petroleum refining, information technology services, construction
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4.2% (2009 est.)
country comparison to the world: 29
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9.901 billion kWh (2008 est.)
country comparison to the world: 92
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8.417 billion kWh (2008 est.)
country comparison to the world: 93
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0 kWh (2008 est.)
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0 kWh (2008 est.)
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0 bbl/day (2008 est.)
country comparison to the world: 129
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90,000 bbl/day (2009 est.)
country comparison to the world: 80
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968 bbl/day (2007 est.)
country comparison to the world: 123
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87,690 bbl/day (2007 est.)
country comparison to the world: 67
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0 bbl (1 January 2009 est.)
country comparison to the world: 118
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0 cu m (2008 est.)
country comparison to the world: 126
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0 cu m (2008 est.)
country comparison to the world: 176
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0 cu m (2008 est.)
country comparison to the world: 120
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0 cu m (1 January 2009 est.)
country comparison to the world: 130
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-$1.69 billion (2009 est.)
country comparison to the world: 146
-$3.876 billion (2008 est.)
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$6.983 billion (2009 est.)
country comparison to the world: 92
$8.137 billion (2008 est.)
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textiles and apparel, tea and spices; diamonds, emeralds, rubies; coconut products, rubber manufactures, fish
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US 20.59%, UK 12.87%, Italy 5.51%, Germany 5.29%, India 4.54%, Belgium 4.43% (2009)
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$9.7 billion (2009 est.)
country comparison to the world: 87
$12.61 billion (2008 est.)
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textile fabrics, mineral products, petroleum, foodstuffs, machinery and transportation equipment
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India 20.73%, China 13.45%, Singapore 7.26%, Iran 6.7%, South Korea 5.23% (2009)
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$5.12 billion (30 November 2009 est.)
country comparison to the world: 81
$2.561 billion (31 December 2008 est.)
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$19.45 billion (31 December 2009 est.)
country comparison to the world: 67
$16.78 billion (31 December 2008 est.)
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$NA
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$NA
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Sri Lankan rupees (LKR) per US dollar - 115 (2009), 108.33 (2008), 110.78 (2007), 103.99 (2006), 100.498 (2005)
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