According to the Institute of Policy Studies (IPS), Sri Lanka’s export economy remains heavily reliant on apparel, with goods and services exports accounting for approximately 20.4% of GDP in 2023. Of this, manufacturing exports contributed 14%, and a staggering 77% of export income is derived from industrial goods, primarily apparel. In contrast, agricultural exports account
Fitch Ratings announced that Sri Lanka’s ongoing economic recovery, combined with moderating inflation and lower interest rates, is set to drive the growth of finance and leasing companies (FLCs) in the financial year ending March 2025 (FY25). The positive outlook is also supported by the potential relaxation of vehicle import restrictions, which have been in
On Monday, Sri Lanka’s rupee opened slightly stronger at 292.90/293.10 against the US dollar, compared to the previous day’s rate of 293.00/20, according to market dealers. Bond yields also saw a rise, signaling potential shifts in the financial market. A bond maturing on December 15, 2027, was quoted at 11.30/40 percent, up from the previous
Sri Lanka is grappling with high poultry feed costs due to import duties and trade controls on maize, a key ingredient in animal feed. These measures are contributing to elevated prices of eggs and meat in a country already battling high levels of child malnutrition. The government has imposed a 25-rupee-per-kilo tax on maize imports
Sri Lanka’s tea industry witnessed a remarkable surge in September 2024, with tea production reaching a seven-year high of 24.13 million kilos, according to provisional data released by the Sri Lanka Tea Board. This marks a 27.7% increase compared to September 2023’s unusually low production of 18.9 million kilos. Despite ongoing challenges such as adverse
As of 16th October 2024, the price of 22 Carat Gold in Sri Lanka stands at Rs. 203,000 for 8 grams (1 pawn), with 1 gram priced at Rs. 25,380. The 24 Carat Gold rate is Rs. 221,450 for 8 grams, and Rs. 27,680 per gram. Here’s a detailed breakdown of gold prices: Gold Unit
The Sri Lankan government will revisit the decision to increase state worker salaries in 2025, according to Minister Vijitha Herath. The previous cabinet had announced a salary hike starting from January 2025, based on recommendations from a committee led by Udaya Seneviratne, which also included plans to reduce the size of the public service over
Foreign investment in Sri Lanka’s government securities surged last week, with Central Bank data revealing a 15.7 percent increase in foreign holdings. The rise, amounting to 6.9 billion rupees ($23.4 million at an exchange rate of 1 US dollar = 295 LKR), brought the total foreign holding in Sri Lanka’s Treasury bills and bonds to
Sri Lanka’s economy is on the path to recovery, with the World Bank projecting a growth rate of 4.4% for 2024, surpassing previous estimates. This forecast follows four consecutive quarters of growth, largely driven by the industrial and tourism sectors, alongside crucial structural and policy reforms. David Sislen, the World Bank’s Regional Country Director for
The Colombo Stock Exchange (CSE) saw a modest positive close yesterday, supported by a late-day rally in an otherwise volatile session. The benchmark All Share Price Index (ASPI) increased by 12 points, while the more active S&P SL20 rose by 7 points. Total turnover reached Rs. 1.6 billion, involving the trading of 61 million shares.