| PHYSICAL FEATURES |
|
| Total area |
65,610 Sq. K.M. |
| Land area |
62,705 Sq. K.M. |
| |
|
| Capital |
Sri Jayawardenapura |
| Commercial Capital |
Colombo |
|
 |
| |
|
|
| |
2007 |
2006 |
2005 |
2004 |
2003 |
| DemoGraphics |
|
|
|
|
|
| Mid-year population (mn persons) |
20 |
19.8 |
19.7 |
19.5 |
19.3 |
| Labour force (mn persons) |
7.4 |
7.5 |
8.1 |
8.0 |
7.6 |
| Labour force participation rate (%) |
49.8 |
51.2 |
48.3 |
48.6 |
48.9 |
| Unemployment rate (% of labour force) |
6 |
6.5 |
7.7 |
8.3 |
8.4 |
| |
|
|
|
|
|
| KEY ECONOMIC INDICATORS |
|
|
|
|
|
| GDP at market prices (Rs. bn) |
3,540 |
2,898 |
2,423 |
2,070 |
1,806 |
| GDP per capita (US $) |
1,617 |
1,421 |
1,241 |
1,062 |
981 |
| GDP growth (%) |
6.8 |
7.7 |
6.2 |
5.4 |
5.9 |
| Inflation rate (%) |
17.5 |
13.7 |
11.6 |
7.6 |
6.33 |
| Fiscal deficit (% of GDP) |
(7.7) |
(8) |
(8.4) |
(7.9) |
(7.7) |
| Current account balance (% of GDP) |
(4.2) |
(5.3) |
(2.7) |
(3.1) |
(0.4) |
| External assets (months of same
year imports) |
5.3 |
4.7 |
5.7 |
5.2 |
5.8 |
| Overall debt service ratio
(% of export of goods & services) |
13 |
12.7 |
7.9 |
11.6 |
11.6 |
| Total external debt & liabilities (% of GDP) |
51.8 |
50.3 |
53.3 |
61.8 |
62.4 |
| |
|
|
|
|
|
| INTEREST RATES |
|
|
|
|
|
| (percentage per annum at end-year) |
|
|
|
|
|
| Treasury bill rate |
|
|
|
|
|
| 91 days |
21.3 |
12.76 |
10.10 |
7.25 |
7.35 |
| 364 days |
19.96 |
12.96 |
10.37 |
7.65 |
7.24 |
| Repurchase rate (overnight) |
10.5 |
10 |
8.75 |
7.5 |
7 |
| Reverse repurchase rate (overnight) |
12 |
11.5 |
10.25 |
9 |
8.5 |
| |
|
|
|
|
|
| Commercial Banks |
|
|
|
|
|
| Weighted average - prime
lending rate |
17.95 |
15.19 |
12.2 |
10.2 |
9.3 |
| Weighted average - deposit rate |
10.31 |
7.6 |
6.2 |
5.3 |
5.3 |
| |
|
|
|
|
|
| EXCHANGES RATES |
|
|
|
|
|
| Annual average Rs./US$ |
110.62 |
103.96 |
100.5 |
101.19 |
96.52 |
| End-year Rs./US$ |
108.72 |
107.71 |
102.12 |
104.61 |
96.74 |
| |
|
|
|
|
|
| CAPITAL MARKETS |
|
|
|
|
|
| All share price index |
2,541 |
2,722.4 |
1,922.2 |
1,506.9 |
1,062.1 |
| Sensitive price index |
3,291.9 |
3,711.8 |
2,451.1 |
2,073.7 |
1,897.8 |
| Value of shares traded
(Rs. mn) |
104,985 |
105,154 |
114,599 |
59,052 |
|
| Market capitalisation (Rs. bn) |
820.7 |
834.8 |
584.0 |
382.1 |
262.8 |
| Market capitalisation (% GDP) |
29 |
30 |
25 |
19 |
15 |
|
| SECTORIAL COMPOSITION AND INCREASE IN GROSS DOMESTIC PRODUCT (GDP) |
|
As a Share of GDP (%) |
Rate of Change (%) |
|
2007 |
2006 |
2005 |
2007 |
2006 |
| Agriculture Sector |
6.00 |
10.30 |
17.20 |
3.30 |
6.30 |
| Industrial Sector |
31.60 |
29.70 |
27.00 |
7.60 |
8.10 |
| Services Sector |
62.40 |
60.00 |
55.80 |
7.70 |
7.70 |
| Gross Domestic Product (GDP) |
100.00 |
100.00 |
100.00 |
6.8 |
7.7 |
|
| PHYSICAL & SOCIAL IFRASTRUCTURE FACILITIES |
| |
Unit |
2005 |
| Water Supply & Sanitation |
|
|
| Access to safe drinking water |
per cent |
84.8 |
| Access to pipe borne water |
per cent |
32 |
| |
|
|
| Electricity |
|
|
| Households with electricity |
per cent |
80 |
| Per capita electricity consumption |
kWh/person |
414 |
| |
|
|
| Communications |
|
|
| Telephone Density |
|
|
| Fixed lines |
per 100 persons |
13.7 |
| Including cellular phones |
per 100 persons |
53.6 |
| Internet and e-mail |
per 1,000 persons |
10.1 |
| |
|
|
| Public Health |
|
|
| Hospital beds |
per 1,000 persons |
3.3 |
| Persons per doctor |
Number |
1,749 |
| Nurses |
per 10,000 persons |
11 |
| Government expenditure on health |
per cent of GDP |
1.9 |
| |
|
|
| General Education |
|
|
| School density (area covered by a school) |
sq. km. |
6 |
| Pupil/teacher ratio (Government schools) |
Number |
19 |
| Age specific enrolment ratio (Age 5-19 years) |
per cent |
71.5 |
| |
|
|
| University Education |
|
|
| Pupil/teacher ratio |
Number |
15 |
| Age specific enrolment ratio (Age 20-24 years) |
per cent |
3.5 |
| |
|
|
| Progression to University from gce (A/L) |
|
|
| Eligibility for university admission |
per cent |
59.5 |
| Admission as a percentage of eligibility |
per cent |
14.3 |
| Government expenditure on education |
per cent of GDP |
2.6 |
| |
|
|
| Banking |
|
|
| Total number of commercial banks |
Number |
23 |
| Domestic banks |
Number |
11 |
| Foreign banks |
Number |
12 |
| ATMs |
per 100,000 persons |
7.1 |
| Credit card issued |
per 100,000 persons |
4,447 |
| |
|
|
| Banking Density |
|
|
| No. of bank branches |
per 100,000 persons |
9.7 |
|
Sources: Central Bank Annual Report 2007 of Sri Lanka |
| ● |
Foreign Country Funds, Regional Funds and Mutual Funds approved by the Securities and Exchange Commission of Sri Lanka, Corporate bodies incorporated outside Sri Lanka and citizens of foreign states were permitted to purchase and hold rupee denominated Treasury Bonds up to a level of 10% of the total value of Treasury Bonds outstanding at any given point of time. |
| ● |
Directions on Corporate Governance for Licensed banks were issued with a view to making Board of Directors responsible and accountable for the business of banks and to promote a robust risk management framework was introduced. |
| ● |
The Government successfully launches its debut international bond issue for US dollars 500 mn which was oversubscribed by over three times. |
| ● |
The Sovereign rating of Sri Lanka was for 2007 maintained at the same level as in the previous year. Fitch Rating assigned a long-tem foreign and local currency rating of ‘BB-’ (BB minus), while Standard and Poor’s (S&P) assigned a rating of ‘B+’ (B plus). |
|
| The following proposals were made during the Government’s Budget presented on 8th December 2007: |
| ● |
Exempting new investment undertaking in the Eastern Province from income tax for a period of 5 years, if the investment is over Rs. 50 mn and providing employment opportunities to more than 50 persons |
| ● |
Increasing ESC rate applicable on the sale of liquor and motor vehicles to 1% from 0.50% |
| ● |
Before granting a tax holiday available under any of the Acts, approval from the Ministry of Finance and Planning has to be obtained |
| ● |
SRL to be increased from 1% to 1.5% |
| ● |
Excise Duty on Motor Vehicles to be amended by increasing Import Duty License Fees |
| ● |
Excise duty on Petrol to be removed |
| ● |
Regional Infrastructure Development Levy (RIDL) was revised to apply different rates based on cylinder capacity of the vehicles |
| ● |
The 10% Cellular Phone Subscriber Levy to be extended to mobile wireless phones |
| ● |
An Environmental Conservation Levy of Rs. 20/- per month is to be introduced for permanent household and businesses. |
|
