Sri Lanka’s retail industry contributes to 14 % of GDP
The retail industry in Sri Lanka contributes approximately 14 per cent to the GDP and the industry provides employment to over 15 per cent of the workforce in the country, according to Charitha Subasinghe, President of Sri Lanka Retailers’ Association.
This year Sri Lanka hosted the 21st Asia Pacific Retailers’ Convention and Exhibition at the BMICH on 5 and 6 September. Mr. Subasinghe made the above remarks during the launch of the convention held at the Shangri-La Hotel in Colombo last Wednesday. The theme of the convention was ‘Redefining Retail in APAC: from Transactions to Transformation’.
Audience. Pic by M.A. Pushpa Kumara
Mr. Subasinghe said, “The prime objective of the association is contributing to the development of commerce, the improvement of regional retailers’ status and the citizens’ lives in the region. Asia Pacific Region has a population of 3.7 billion people.”
In 2022, Sri Lanka’s GDP contracted by 7.3 per cent, the country defaulted at a hyperinflation of 46.4 per cent. But with fiscal policy reforms and improved external sector performance the country was able to see the negative numbers improving every quarter. In 2024 Sri Lanka is on target to record a growth of 1.9 per cent and in 2025 the country is expecting a further growth of 2.5 per cent. Sri Lanka’s inflation has eased significantly and the month of August shows an inflation of 0.5 per cent, noted Mr. Subasinghe.
He added that foreign reserves that depleted to precarious levels have now improved to a comfortable level that has enabled normal international trade except for the import of vehicles. Sri Lanka within a short time period restored stability.
He also mentioned that Sri Lanka has a vibrant retail sector comprising fast moving consumer goods, clothing, fashion and jewellery, shelter and housing, household and consumer durables, footwear and accessories, e-commerce, mobility, entertainment and healthcare. Sri Lankan retailers have invested in the country’s infrastructure in malls and outlets that is needed to drive the thriving retail business. In addition, retailers have also invested in the complete ecosystem starting from talent management. “We have a retail academy that has been formed by both state and the private sector which continuously provides the talent that is needed for the retail industry. We also have a robust supply chain infrastructure in place which has enabled many international brands to work with the local retailers.”
Sri Lankan consumers are IT savvy which has enabled e-commerce retailers to operate in a profitable manner. In addition to local retail brands, there are also international franchises operating in Sri Lanka with local partners, stated Mr. Subasinghe.
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