Sri Lanaka Economy- 6.4 % growth in 2012

WildBear · 1 Sri Lanaka Economy- 6.4 % growth in 2012 Fri Mar 15, 2013 7:27 pm

WildBear

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6.4 % is still impressive considering the adverse external environment and local factors. industries contributed highest with 10 % growth

CSE.SAS · 2 Sri Lanka economy grows 6.4-pct in 2012 Fri Mar 15, 2013 7:35 pm

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Sri Lanka's economy grew 6.4 percent in 2012, slowing from 8.2 percent in 2011, with industry growing 10.3 percent, agriculture 5.8 percent and services 4.6 percent, the state statistics office said.

In the December quarter the economy was estimated to have grown 6.3 percent from a year earlier, against an 8.3 percent growth in the fourth quarter of 2011.

Agriculture contracted 0.1 percent (2.4 percent in 2011), industry grew 13.4 percent (10.0 percent in 2011) and services grew 3.7 percent (8.5 percent in 2011), the statistics office said.

In 2011 Sri Lanka's economy raced ahead with the central bank injecting over 160 billion rupees in printed money in the process of sterilizing foreign exchange interventions, driving imports and economic activity to new heights.

The interventions were scaled back from February 2012 and ended around May 2012.

Sri Lanka's economic growth at 6.4 percent is still higher than in many other countries around the world.

In 2013 authorities are expecting the economy to grown 7.5 percent while the International Monetary Fund is expecting a more conservative 6.25 percent.

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