Global GDP Growth: Overview
Real GDP refers to base year prices, which include inflation. Changes in real GDP indicate the increase or decrease in the volume of economic activity and measure economic growth. The US, China, Japan, Germany, and India are the leading economies around the world in terms of real GDP. In 2021, China had the most significant real GDP with a value of $12.7 trillion, after the US. Japan ranked third globally in real GDP during the same period with $6 trillion. The other two leading economies are Germany and India, with real GDPs of $3.8 trillion and $2.9 trillion, respectively.
Sri Lanka Exports: Overview
According to the UN Comtrade database, Sri Lanka’s major export partners in 2020 were the US (24.8%), the UK (8.9%), India (6.1%), Germany (5.7%), and Italy (4.5%).
According to Global Data, Sri Lanka’s total exports stood at $15.5 billion in 2021 and are expected to rise to $16.3 billion in 2022.
The main exported goods in 2019 were Clothing and apparel, tea, used tires, rubber products, precious stones, and cinnamon. The leather products, tobacco, and beverage industries were other major contributors to GDP. Growth in the agricultural sector was driven by tea production, with Sri Lanka becoming one of the largest producers and exporters of tea in the world by the end of the 1990s.
Sri Lanka Exports as a % of GDP
Exports as a % of GDP of Sri Lanka was 17.9% in 2021, while Sri Lanka’s exports as a % of GDP grew by 2.9% year on year basis in 2021. Between 2010-2021, the exports as a % of GDP in Sri Lanka decreased by 8.0%. The indicator was highest in the year 2019 (23.1%), and lowest in the year 2020 (17.4%).
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