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| Sunday, 15 May 2005 |
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Economy gains momentum by a staff Reporter The Central Bank (CB) in its latest Monetary Policy Review - May 2005 says "the growth momentum in the economy is continuing". The recovery in the sectors that were affected by the tsunami disaster, particularly tourism and fisheries, are progressing satisfactorily. During the first three months of the year all sectors of the economy performed satisfactorily. Significant improvement in paddy production in the Maha season and the increase in tea production has mainly contributed to performance in the agriculture sector. The performance of the agriculture sector is likely to improve further largely supported by favourable weather conditions, the CB said. The industrial sector has benefited from the improved performance in apparel, processed food, cement, building materials, rubber based products and basic metal products. The increase in construction activity and increased hydropower generation also contributed to the industrial sector growth. The services sector continues to expand with healthy growth in telecommunications, ports and transport services. Tourist arrivals increased by 38 per cent in April 2005 compared to April 2004, indicating a faster recovery in tourism and related services. External trade expanded with export earnings increasing at a higher rate than the increase in expenditure on imports. The improved performance of textile and garments and rubber based products contributed to the increase in export earnings during the first three months of the year. Expenditure on imports of consumer goods and intermediate goods increased, while expenditure on investment goods declined. The overall balance of payments (BOP) recorded a surplus of US dollars 179 million as at end March 2005. |
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