It has been observed that the increase in the price of oil has affected Sri Lanka to a considerable extent. As a result of the oil price hike, Sri Lanka's debt load accounted for 94% of the GDP in the year 2005.
It is reckoned that in order to minimize poverty and unemployment in Sri Lanka, growth in the economy of Sri Lanka has to take place at the rate of 7% to 8%.
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Some Important Statistics:
- The industrial sector accounts for almost 27% of Gross Domestic Product.
- Leather goods, textile, apparel account for 39% of the total output from industries.
- Agriculture accounted for 16.8% of the Gross Domestic Product in the year 2006.
- Construction activities contributed 7.2% of the GDP in the year 2006.
- Mining accounted for 1.9% of GDP in 2006.
- Rate of unemployment was 6.5 percent in the year 2006.
Imports and Exports by Sri Lanka:
Exports to US accounted for 29 percent of overall exports in '06. Gems, jewelery, rubber, apparel and tea are some of the main export articles. Sri Lanka mainly imports machinery, oil, textiles and food from other countries. Sri Lanka's Exports and imports were recorded to be USD$6.8 billion and USD$ 10.2 billion respectively in the year 2006.Lastly, we can say that, at present, maintenance of political stability and changes in financial policies and norms according to situations are the need of the hour to trigger growth in the economy of Sri Lanka.
