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| Sunday, 11 January 2004 |
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GDP growth exceeds 5.5% for 5th consecutive quarter Sri Lanka's Gross Domestic Product (GDP) in the third quarter of 2003 grew by 5.6 per cent. This was the fifth consecutive quarter in which growth exceeded 5.5 per cent, the Central Bank of Sri Lanka reported. The third quarter growth performance confirms that political instability has not hindered the momentum seen since the second half of 2002, supported by a conducive macro-economic environment, Deputy Governor, Central Bank, W.A Wijewardena revealed at a news conference. He said to achieve the projected GDP growth of six per cent for 2004, it is absolutely necessary to continue the peace process and maintain political stability in the country. Growth in the first three quarters has been consistent with the projected annual GDP growth of 5.5 per cent for 2003, Wijewardena said. He said the main factors that contributed to this growth were the continuation of the ceasefire, improved macro-economic environment, greater fiscal discipline, declining interest rates, falling inflation and improving business and business confidence. To face the challenge of achieving the medium-term growth target of six per cent, the Government should give top priority to the infrastructure development and power generation sectors, he added. He said there had been remarkable growth last year in many sectors such as industrial, agriculture and services. However, the service sector recorded a significant growth against other sectors last year. The apparel sector, which brings a considerable proportion of foreign currency into the country, registered a slight decline during this period. Commenting on the tasks for 2004, Wijewardena said that without higher expansion of economic activities, it will be difficult to improve education and employment opportunities, income generation, living conditions or the quality of life of the average citizen on a sustainable level. He said the future development of the country will depend on political stability and securing lasting peace. Further improvements in macro-economic management including even greater fiscal policies, accelerating structural reforms and eliminating all barriers will put the economy in the correct track to create business confidence, he said. (HS) |
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