Sri Lanka

Rebuilding after the storm

D4

High RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Last updated in January 2024.

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GDP
USD74.4bn (World ranking 77, World Bank 2022)
Population
22.2mn (World ranking 59, World Bank 2022)
Form of state Presidential Republic
Head of state Ranil Wickremesinghe  (President)
Next elections 2024 (presidential)
  • Growing tourism revenues
  • Increasing workers’ remittances
  • Strategic location for trade
  • Weak public finances
  • Fragile external position
  • Vulnerability of export base (highly dependent on textiles, clothing and tourism)
  • Vulnerability to climate and natural disasters
  • Political instability and policy uncertainty
  • Ethnic tensions remain a threat to stability and growth prospects

Trade structure by destination/origin

(% of total, 2022)

Exports Rank Imports
United States 25.5%
1
26.4% India
United Kingdom 7.4%
2
20.0% China
India 6.7%
3
5.5% United Arab Emirates
Germany 5.8%
4
5.2% Malaysia
Italy 5.0%
5
4.2% Singapore

Trade structure by product

(% of total, 2022)

Exports Rank Imports
Articles of apparel & clothing accessories 44.9%
1
19.4% Petroleum, petroleum products and related materials
Coffee, tea, cocoa, spices, and manufactures thereof 12.5%
2
17.4% Textile yarn and related products
Rubber manufactures, n.e.s. 5.2%
3
4.2% Cereals and cereal preparations
Non metallic mineral manufactures, n.e.s. 3.9%
4
3.8% Electrical machinery, apparatus and appliances, n.e.s.
Vegetables and fruits 3.6%
5
2.9% Medicinal and pharmaceutical products
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