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CB expects 8.5 percent economic growth this year

Jan 4, 2011 10:29:37 AM - itnnews.lk

Sri Lanka is aiming for economic growth of 8.5 percent in 2011 after growing eight percent in 2010. It expects growth to accelerate to nine percent in 2012 and 9.5 percent in 2013.

Central Bank (CB) Governor Ajith Nivard Cabraal said the overall budget deficit is expected to decline further to 6.8 percent of Gross Domestic Product and to around five percent of GDP in the medium term. He was outlining the Central Bank’s Monetary Policy Roadmap for 2011. The island expects a balance of payments surplus in 2011 of around 350 million dollars. Government revenue and grants are expected to increase to 15.6 percent of GDP while expenditure and net lending is expected to decrease to 22.4 percent of GDP. The Governor said the Government’s recurrent expenditure is estimated to decrease to 16.1 percent of GDP and public investment is expected to be maintained at 6.5 percent of GDP.