It is well placed to make more constitutional amendments with the support of its allies. Sri Lanka is a lower-middle-income country with a GDP per capita of USD 3,852 (2019) and a total population of 21.8 million. Day Two of the event will commence with a session dedicated towards a focal topic on âEfficient Government and Progressive State Enterprisesâ. The Department of Census and Statistics, releasing preliminary na Industrial production declined at a much softer rate in JulyâAugust relative to Q2. Globally, the US Dollar Index fell to more than a 2-year Low in August. By Hiran H.Senewiratne The Sri Lankan economy is expected to contract by around 3.9 percent in 2020, Central Bank Governor Deshamanya Professor W. D. Lakshman said. The description is composed by our digital data assistant. Government Debt to GDP in Sri Lanka averaged 70.18 percent from 1950 until 2019, reaching an all time high of 108.70 percent in 1989 and a record low of 16.30 percent in 1951. The Gross Domestic Product (GDP) in Sri Lanka expanded 1.40 percent in the fourth quarter of 2017 over the same quarter of the previous year. Sri Lanka has recorded 1.5 percent of economic growth rate for the 3rd quarter of 2020 and negative 16.3 percent of economic growth rate for the 2nd quarter of 2020. The economy should have recovered somewhat in Q3 after it likely contracted at the height of the pandemic in Q2. PPI for all activities reported for October 2020 is 145.8 District Official Poverty Line - November 2020 Sri Lankaâs very creditable health response to COVID-19 gives it an early advantage to tackle the economic fallout of the pandemic. Sri Lanka Economic Outlook. The upcoming Sri Lanka Economic Virtual Summit 2020, is prepared to host a lineup of contemporary dialogues under this yearâs theme âRoadmap for Take-Off: Driving a People-Centric Economic Revivalâ. World Bank national accounts data, and OECD National Accounts data files. We expect the economy to stage a gradual recovery in 2021 after experiencing its worst-ever recession in 2020. Following 30 years of civil war that ended in 2009, the economy grew at an average 5.3 percent during the period 2010-2019, reflecting a peace dividend and a determined policy thrust towards reconstruction and growth; although growth slowed down in the last few years. Producer's Price Index (PPI) - October 2020. In 2020, contribution of travel and tourism to GDP (% of GDP) for Sri Lanka was 12.5 %. (d) From 2010 onwards, data are based on the GDP estimates of the Department of Census and Statistics with base year 2010. GDP growth (annual %) - Sri Lanka. Monthly Economic Update - August 2020 The Sri Lankaâs economy contracted by 1.6% during Q1-2020 whilst the trade deficit during 1H-2020 narrowed by 9%. GDP Growth Rate in Sri Lanka averaged 5.88 percent from 2003 until 2017, reaching an all time high of 16.10 percent in the first quarter of 2012 and a record low of 0.50 percent in the fourth quarter of 2013. Sri Lanka: State of the Economy 2020 Pandemics and Disruptions: Reviving Sri Lankaâs Economy COVID-19 and Beyond. âWith observed developments in the fourth quarter, we expect the economy to record an annual contraction of around 3.9 percent, Lakshman said while delivering âThe Road Map: Monetary and Financial Sector [â¦] Mahinda Rajapaksa's Sri Lanka Podujana Peramuna (SLPP) won the parliamentary election in August 2020 with a huge majority. Contribution of travel and tourism to GDP (% of GDP) of Sri Lanka increased from 6.7 % in 2001 to 12.5 % in 2020 growing at an average annual rate of 3.61%. November 17, 2020. 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