The country's economy was socialist oriented in the past, but in the present scenario the country has stepped forward for private participation and competitive environment. Agriculture, industry and services have their respective importance in contributing the Gross Domestic Product.
Major Agricultural products in the country are rubber, tea, coconuts, and paddy. Important industries are coconut, tea, rubber processing, banking and insurance and textiles. Its economy is largely benefited from the exports of tea, rubber, coconut oil, textiles and garments, and precious stones.