According to the International Monetary Fund, Sri Lanka has a yearly gross domestic output of US$59 billion as of 2012. It has a GDP of US$116 billion in terms of purchasing power parity. Sri Lanka is next only to Maldives in the South Asian region in terms of per capita income, with a nominal value of US$2,877 and PPP value of US$5,673. It recorded a GDP growth of 8.3% in 2011.
In the 19th and 20th centuries, Sri Lanka became a plantation economy, famous for its production and export of cinnamon, rubber and Ceylon tea, which remains a trademark national export. The development of modern ports under British rule raised the strategic importance of the island as a centre of trade. From 1948 to 1977 socialism strongly influenced the government's economic policies. Colonial plantations were dismantled, industries were nationalised and a welfare state established. In 1977 the Free market economy was introduced to the country, incorporating privatisation, deregulation and the promotion of private enterprise.
While the production and export of tea, rubber, coffee, sugar and other agricultural commodities remains important, the nation has moved steadily towards an industrialised economy with the development of food processing, textiles, telecommunications and finance. Main economic sectors of the country are tourism, tea export, clothing, rice production and other agricultural products. In addition to these economic sectors, overseas employment contributes highly in foreign exchange, most of them from the Middle East. As of 2010, the service sector makes up 60% of GDP, the industrial sector 28% and the agriculture sector 12%. The private sector accounts for 85% of the economy. India is the largest trading partner of Sri Lanka. Economic disparies exist between the provinces, with Western province contributing to 45.1% of the GDP, Southern province and Central province, 10.7% and 10% respectively. With the end of the war, Northern province reported a record 22
