Sri Lanka in Figures

Sri Lanka in Figures

Key Economic Indicators of Sri Lanka (2019)

Sri Lanka is an island situated close to the Southern tip of India with a 21.8 million population.
Currently the country is ranked as a lower middle income country with a Per Capita GDP of US$
3852 (2019).
In recent decades Sri Lanka has recorded respectable economic growth by international
standards. Because of its good potential, the Sri Lankan economy continued to grow quite
strongly during the internal conflict that lasted for nearly 26 years. After the conflict ended in
2009, economic growth recovered well, assisted by good commodity prices. With continued
growth, the poverty incidence has declined significantly. Economic progress also produced a
reasonable improvement in social indicators, such as education and health. Sri Lanka
outperforms other countries in South Asia on many other development indicators.

 

 
Mid Year Population 21.8 Million
Population Growth 0.6
Population density (per sq.km) 348
Per Capita GDP USD 3852
Unemployment rate 4.8%
Exports to the world USD Mn 11.9
Imports from the World USD Mn 19.9
Human Development Index 71
Ease of Doing Business Index 99

Sweden Sri Lanka Business Relations

Sri Lanka established diplomatic relations with Sweden on 18th November 1949. With the establishment of the Sri Lankan Diplomatic Mission in Stockholm, bilateral trade, investment, tourism and other relations expanded substantially. Sweden has always been a friendly country, and an active partner in Sri Lanka’s economic development process. The Swedish International Development Agency (SIDA) has been at the forefront in this regard providing assistance for large infrastructure projects, and for the development of human capital in Sri Lanka. The Kotmale Dam built by Skanska in 1985 is an iconic project and donation from Sweden which generates 201 Megawatts of hydro power, and diverts a large volume of water to irrigate the farmlands of the dry zone of Sri Lanka.

Trade volume and value between Sri Lanka and Sweden has increased over the years. In 2019, Sri Lanka exported US$ 73.2 million worth of goods to Sweden and Sweden exported US$ 50.5 million worth of goods to Sri Lanka. Sri Lanka’s main exports to Sweden are apparel, tea, rubber gloves and tyres, coconut oil and electrical transformers while main imports from Sweden are paper products, rubber compounds, medicaments and wooden articles.

Trade Statistics – Sri Lanka and Sweden

 Year Exports Imports Total Trade Turnover Balance of Trade
2008 60.35 105.88 166.23 -45.53
2009 38.97 33.04 72.01 5.93
2010 58.33 49.57 107.90 8.76
2011 71.52 58.52 130.04 13.00
2012 61.53 76.99 138.52 -15.46
2013 61.39 70.01 131.40 -8.62
2014 71.05 54.21 125.26 16.84
2015 64.23 86.02 150.25 -21.79
2016 69.31 64.73 134.04 4.58
2017 78.37 65.45 143.82 12.92
2018 90.26 56.06 146.32 34.02
2019 73.20 50.51 123.71 22.69

 

Foreign Direct Investment from Sweden to Sri Lanka

 

Year FDI
2005 10.130
2006 49.851
2007 31.454
2008 37.776
2009 19.786
2010 11.644
2011 7.650
2012 6.070
2013 3.676
2014 4.219
2015 0.529
2016 0.856
2017 43.201
2018 37.184
2019 22.512

 

 

Trade Agreements (www.doc.gov.lk)

Bilateral

  • Indo-Sri Lanka free Trade Agreement
  • Pakistan Sri Lanka free Trade Agreement
  • Singapore Sri Lanka Free trade Agreement

Regional

  • SAARC Preferential Trading Arrangement (SAPTA) Bangladesh, Butan, India, Maldives, Nepal, Pakistan and Sri Lanka
  • Agreement on South Asian Free Trade Area (SAFTA) Bangladesh, Butan, India, Maldives, Nepal, Pakistan and Sri Lanka, Afghanistan
  • Asia-Pacific Trade Agreement (APTA)Bangladesh, China, India, Lao PDR, South Korea and Sri Lanka
  • Global System of Trade Preferences among Developing Countries (GSTP) 43 countries
  • EU Generalized Scheme of Preferences (GSP) Plus

Sri Lanka has signed the following agreements with Sweden and Denmark:

  • Agreement on Avoidance of Double Taxation
  • Agreement on Protection of Investments