Sri Lanka and its Economy

Sri Lanka and its Economy

For the past five years, Sri Lanka's economy expanded at an average rate of 6 percent. From years of fragility, Sri Lanka managed to make a notable transition into relative stability. The Gross Domestic Product (GDP) growth of Sri Lanka accelerated because of the booming construction and there was an increase in mining production. Although Sri Lanka's economy keeps on progressing, it is still a developing process based on agriculture, services, enterprises, and industry. Not only that, for it is endowed with a lot of natural resources where most people earn their living to suffice their day-to-day needs. Same with other countries, foreign trade is important for the economy to keep on progressing. Their major imports are garments, tea, rubber, coconut products, and many more. Sri Lanka is also one of the largest exporters of gemstones.

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