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Country Profiles

Sri Lanka - Economy

Whitaker's Almanack Version

Financial Outlook

In a December 2013 report on Sri Lanka, the IMF said that the economy had navigated the turbulence of the last half of 2013 well and that overall GDP growth was solid. However, trade activity remains somewhat depressed and both tax revenues and public spending are relatively low. Nevertheless, GDP growth for 2013 is expected to come in at 6.5%, though this is below the official forecast of between 7% and 7.5%. Inflation was projected to be 7% at year end. It is considered that figures for 2013 will show Sri Lanka to have benefited from a simultaneous slowing of imports and improvement in exports, with the likelihood that the country’s current account deficit for the year will shrink by 1.5%. Despite the extension of VAT to the retail and wholesale sectors, revenue performance in 2013 was weak. The government agreed to keep spending under tight control to ensure that it does not exceed the 5.8% of GDP deficit target.

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Further reading on Sri Lanka

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