About Sri Lanka...
Sri Lanka the Democratic Socialist Republic of Sri Lanka and known as Ceylon before 1972, is an island country in South Asia, located about 31 kilometres (19.3 mi) off the southern coast of India.
The country is famous for the production and export of tea, coffee, coconuts, rubber and cinnamon - which is native to the country. The natural beauty of Sri Lanka's tropical forests, beaches and landscape, as well as its rich cultural heritage, make it a world famous tourist destination. The island also boasts the first female Prime Minister in the world, Sirimavo Bandaranaike.
In the 19th and 20th Centuries, Sri Lanka became a plantation economy, famous for its production and export of cinnamon, rubber and Ceylon tea, which remains a trademark national export. From 1948 to 1977 socialism strongly influenced the government's economic policies. Colonial plantations were dismantled, industries were nationalised and a welfare state established. While the standard of living and literacy improved significantly, the nation's economy suffered from inefficiency, slow growth and lack of foreign investment. From 1977 the UNP government began incorporating privatisation, deregulation and promotion of private enterprise. While the production and export of tea, rubber, coffee, sugar and other agricultural commodities remains important, the nation has moved steadily towards an industrialised economy with the development of food processing, textiles, telecommunications and finance. By 1996 plantation crops made up only 20% of export, and further declined to 16.8% in 2005 (compared with 93% in 1970), while textiles and garments have reached 63%. The GDP grew at an average annual rate of 5.5% during the early 1990s, until a drought and a deteriorating security situation lowered growth to 3.8% in 1996. The economy rebounded in 1997-2000, with average growth of 5.3%. The year of 2001 saw the first recession in the country's history, as a result of power shortages, budgetary problems, the global slowdown, and continuing civil strife. Signs of recovery appeared after the 2002 ceasefire which died away following the beginning of war. Since the separatist war ended in May 2009 the Sri Lankan stock market has shown marked gains to be among the 3 best performing markets in the world. The Colombo Stock Exchange reported the highest growth in the world for 2003, and today Sri Lanka has the highest per capita income in South Asia. About 14% of the population live on less than US$ 1.25 per day.
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| Exports To Sri Lanka Facts |
| Location: |
Southern Asia |
| Coordinates: |
7 00 N, 81 00 E |
| Int. Dialing Code: |
0094 |
| Currency: |
Sri Lankan rupees (LKR) |
| Language: |
Sinhala (official and national language) |
| Area: |
65,610 sq km |
| Capital City: |
Colombo |
| Population: |
21,324,791 |
| Population Ranking: |
54 |
| Employment: |
94.1% |
| Inflation: |
3.4% (2009 est.) |
| GDP: |
$96.46 billion (2009 est.) |
| GDP Ranking: |
69 |
| GDP Growth: |
3.5% (2009 est.) |
| Internet Users: |
1.164 million (2008) |
| Television Stations: |
12 (2009) |
| Phone Lines: |
3.446 million (2008) |
| Mobile Phones: |
11.082 million (2008) |
| Major Industry: |
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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