The economic output of Sri Lanka as measured by Gross Domestic Product (GDP)for the first quarter of 2010 from January to March was estimated at 643.5 billion rupees compared to the 601 billion rupees during the same period of last year.
The Department attributed the present strong growth in the economy to the prevailing peaceful situation in the country following the successful conclusion to the devastating three-decade long war with the Tamil separatists.
The three major sectors of the economy, Agriculture, Industry, and Services registered significant growth in the first quarter of 2010 over the same quarter of 2009, the Department said in its report.
Agriculture grew by 9.0 percent due to the growth of 47.2 percent in tea, 11.7 percent growth in rubber and 118.2 percent growth in minor export crops.
Industry sector posted a growth of 6.9 percent while Service registered a 6.7 percent growth due to the post-war growth in Hotels and Restaurant by 61.0 percent and in Construction industry by 8.5 percent.
Census and Statistics Department reported that the total number of new registrations of vehicles increased by 56.5 percent in this quarter of 2010 and it was declined by 30.5 percent in the first quarter of 2009.
According to the report, interest income of commercial banks decreased mainly due to drop in lending rates while interest expenses decreased as deposit rates drop. These led to increase net interest income of many banks thereby increasing profit of the overall banking sector.
Sri Lanka's Central bank says the low inflation and interest rates recorded this year provide an environment conducive to boost the economic growth. It predicts an economic growth of 7.0 percent this year as opposed to the 3.5 percent growth recorded for 2009.
1 comment:
Really is is true? Its a great thing. Its really very good development in Sri Lanka. Thanks for sharing nice information about sri Lanka development.
Post a Comment