By the end of March, Sri Lanka’s tourism sector demonstrated resilience and growth, reaching a milestone figure of USD 700 million in earnings. Simultaneously, foreign remittances stood at USD 963 billion, reflecting the significant contribution of overseas Sri Lankan workers to the country’s economy. Notably, tourism earnings up to February amounted to USD 687 million, indicating steady progress in this key sector.
In February, tourism earnings showcased remarkable growth on a year-on-year basis, with revenues totaling USD 345 million, more than doubling the figures from the same period in 2023, which stood at USD 161.1 million. This surge underscores the increasing appeal of Sri Lanka as a tourist destination and highlights the effectiveness of promotional efforts and strategic initiatives implemented by relevant authorities.
Furthermore, the Sri Lankan rupee exhibited positive performance against major foreign currencies during the year up to 22 March 2024. Notably, the currency appreciated by 6.6 per cent against the US dollar, a significant milestone as it dipped below the Rs. 300 barrier for the first time in several months. Additionally, the Sri Lankan rupee saw appreciation against other key currencies, with gains of 14.2% against the Japanese yen, 7.3% against the pound sterling, 8.8% against the Euro, and 6.7% against the Indian rupee during this period.
These economic indicators reflect positive trends in Sri Lanka’s economy, signaling resilience and stability amid challenges. The growth in tourism earnings underscores the sector’s potential as a key driver of economic development, while the appreciation of the Sri Lankan rupee against major currencies bodes well for macroeconomic stability and investor confidence.
As Sri Lanka continues to navigate through economic recovery and growth, these developments provide optimism and opportunities for further advancement. Continued efforts to promote tourism, enhance infrastructure, attract foreign investment, and strengthen macroeconomic fundamentals will be crucial in sustaining this positive momentum and fostering long-term prosperity for the nation.