Vishmi Wijeratne vishmiwijeratne.wishwonder@gmail.com
Sri Lanka Central Bank Governor Ajith Nivard Cabraal said presenting the road map for 2015, that the estimated per capita income for the recent year as US$ 3,654, thus the governor believes that during year at hand the per capita income maybe increased up US$ 4,000. He further said that they hope to achieve a goal of US$ 7,500 per capita income by the year 2020.
The governor also said that 2015 may be the possible year for 8% economic growth rate. His comment can be commended with the reported 7.8% Economic growth rate experienced in the country during the year 2014. Sri Lanka has maintained a steady growth rate compared to the other South Asian regions which are bordering at 6% or below.
The road map states that, the economy grew by 7.7% during the first three quarters of 2014 and is expected to record a growth of 7.8% during the year.
Road ahead was further explained as the successful trajectory that will take the country further into an optimistic future, with Forbes Magazine claiming Sri Lanka as one of the top ten coolest places to visit in 2015.
The governor said that year 2014 has shown tourism industry can surpass the goals allocated for it; when it recorded 2.3 million tourist arrivals than the expected 1.9 million tourist arrivals.
The service sector is reported to have grown by 6.4 % during the first three quarters of 2014. Among the sectors that have improved in the past year the following were improved. The wholesale and retail trade has improved by 7.7 %, hotels and restaurants by 18.9%, transport and communication by 7.4% and banking, insurance and real estate by 6.0%. The contribution of the service sector thus surpasses others by owning up to 57% of the GDP growth.
The export sector showed a 10 percent growth reaching up to US$ 11.5 billion. The Textile and Garment, Tea and Coconut industries were mainly responsible to the growth in exports.
The countries imports too have increased by 7.8 percent to US$ 19.4 billion in the last year. Furthermore the country’s trade deficit was increased by 4.7% to US$ 8 Billion, which is a significant growth compare to 2013 -US$ 7.6 Billion. The road map states that the foreign reserves though remaining in its comfortable position is peaking at US$ 9 million.
The Governor also said that due to the continued fiscal consolidation the budget deficit has been reduced to 5.2 % and public debt to 75% of the GDP. Thus the year 2014 has concluded with the stabilization of the debt markets according to the road map 2015.
The annual average inflation according to the Governor is one of the lowest recorded; it was recorded as 3.3%. The target laid for the year 2015 is a 2-5 % flexible inflation framework.
www.dailynews.lk
Sri Lanka Central Bank Governor Ajith Nivard Cabraal said presenting the road map for 2015, that the estimated per capita income for the recent year as US$ 3,654, thus the governor believes that during year at hand the per capita income maybe increased up US$ 4,000. He further said that they hope to achieve a goal of US$ 7,500 per capita income by the year 2020.
The governor also said that 2015 may be the possible year for 8% economic growth rate. His comment can be commended with the reported 7.8% Economic growth rate experienced in the country during the year 2014. Sri Lanka has maintained a steady growth rate compared to the other South Asian regions which are bordering at 6% or below.
The road map states that, the economy grew by 7.7% during the first three quarters of 2014 and is expected to record a growth of 7.8% during the year.
Road ahead was further explained as the successful trajectory that will take the country further into an optimistic future, with Forbes Magazine claiming Sri Lanka as one of the top ten coolest places to visit in 2015.
The governor said that year 2014 has shown tourism industry can surpass the goals allocated for it; when it recorded 2.3 million tourist arrivals than the expected 1.9 million tourist arrivals.
The service sector is reported to have grown by 6.4 % during the first three quarters of 2014. Among the sectors that have improved in the past year the following were improved. The wholesale and retail trade has improved by 7.7 %, hotels and restaurants by 18.9%, transport and communication by 7.4% and banking, insurance and real estate by 6.0%. The contribution of the service sector thus surpasses others by owning up to 57% of the GDP growth.
The export sector showed a 10 percent growth reaching up to US$ 11.5 billion. The Textile and Garment, Tea and Coconut industries were mainly responsible to the growth in exports.
The countries imports too have increased by 7.8 percent to US$ 19.4 billion in the last year. Furthermore the country’s trade deficit was increased by 4.7% to US$ 8 Billion, which is a significant growth compare to 2013 -US$ 7.6 Billion. The road map states that the foreign reserves though remaining in its comfortable position is peaking at US$ 9 million.
The Governor also said that due to the continued fiscal consolidation the budget deficit has been reduced to 5.2 % and public debt to 75% of the GDP. Thus the year 2014 has concluded with the stabilization of the debt markets according to the road map 2015.
The annual average inflation according to the Governor is one of the lowest recorded; it was recorded as 3.3%. The target laid for the year 2015 is a 2-5 % flexible inflation framework.
www.dailynews.lk
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