Current Account in Sri Lanka
Sri Lanka - Current AccountThe country is undergoing its worst financial crisis since it gained independence: Rising commodity prices, a weak tourism sector and a fiscal deficit have caused the rupee’s value to sink since the start of the year. The Central Bank has been unable to defend the currency due to low international reserves, forcing the government to default on some debt payments in May and to suspend imports of basic goods. Meanwhile, soaring inflation and power cuts are hampering economic activity, with the services PMI plummeting 7.5 points in April and continuing to fall in May; schools and government offices were forced to close in late June, boding poorly for activity ahead. A new government was installed in May, with IMF bailout talks its top priority. To this end, it announced a wide range of tax increases in May, which could aggravate social unrest and thus force the president’s resignation.
Sri Lanka - Current Account Data
|Current Account (% of GDP)||-2.3||-2.1||-2.6||-3.2||-2.2|
5 years of economic forecasts for more than 30 economic indicators.
Sri Lanka Current Account Chart
Source: Central Bank of Sri Lanka (CBS)
Sri Lanka Facts
|Exchange Rate||181.2||0.02 %||Jan 01|
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