The Sri Lankan economy is estimated to have grown by 7.4 per cent in 2014 compared to 7.2 per cent in 2013, according to recently released data by the Census and Statistics Department.
This growth was mainly supported by the expansion in the Industry sector, which grew by 11.4 per cent and the Services sector, which grew by 6.5 per cent. Meanwhile, the Agriculture sector that was affected by adverse weather conditions, recorded a marginal growth of 0.3 per cent. Going forward, the economy is expected to maintain its growth momentum in 2015 amidst sustained low and stable inflation and expected improvements in business confidence,the Central Bank yesterday.
Headline inflation, on a year-on-year (y-o-y) basis, decreased significantly to 0.6 per cent in February 2015 from 3.2 per cent in the previous month reflecting the downward revision of domestic fuel prices and the reduction in the prices of certain essential items announced in the Interim Budget 2015. Given the impact of such measures and supported by improved supply conditions, headline inflation is likely to remain at low levels, particularly in the first half of 2015.
The external sector remains resilient with continued foreign currency inflows to the current account as well as to the financial account of the Balance of Payments (BOP). During the remainder of 2015, the external sector is projected to strengthen further with the expected reduction in expenditure on imports together with higher inflows on account of tourism and workers' remittances as well as receipts to the government, the banking sector and other private corporates.
- See more at: http://www.dailynews.lk/?q=business/inflation-remain-low-first-half#sthash.u5GCip3O.dpuf
This growth was mainly supported by the expansion in the Industry sector, which grew by 11.4 per cent and the Services sector, which grew by 6.5 per cent. Meanwhile, the Agriculture sector that was affected by adverse weather conditions, recorded a marginal growth of 0.3 per cent. Going forward, the economy is expected to maintain its growth momentum in 2015 amidst sustained low and stable inflation and expected improvements in business confidence,the Central Bank yesterday.
Headline inflation, on a year-on-year (y-o-y) basis, decreased significantly to 0.6 per cent in February 2015 from 3.2 per cent in the previous month reflecting the downward revision of domestic fuel prices and the reduction in the prices of certain essential items announced in the Interim Budget 2015. Given the impact of such measures and supported by improved supply conditions, headline inflation is likely to remain at low levels, particularly in the first half of 2015.
The external sector remains resilient with continued foreign currency inflows to the current account as well as to the financial account of the Balance of Payments (BOP). During the remainder of 2015, the external sector is projected to strengthen further with the expected reduction in expenditure on imports together with higher inflows on account of tourism and workers' remittances as well as receipts to the government, the banking sector and other private corporates.
- See more at: http://www.dailynews.lk/?q=business/inflation-remain-low-first-half#sthash.u5GCip3O.dpuf
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