Sri Lanka growth for 2010 7.6-pct: Central Bank

Nov 22, 2020 (LBO) - Sri Lanka's economy is projected to grow 7.6 percent in 2010 up from 3.5 percent in 2009, helped by the end of a 30-year war, which would be followed by an 8.0 percent expansion in 2011, the Central Bank said."The complete cessation of terrorism, the gradual recovery in the global economy and favourable weather conditions are some factors that will drive this growth," the Central Bank said in a pre-budget economic report."The growth during the second half of the year is projected to be 7.4 per cent to achieve the annual growth projection."Services sector which accounts for over 59 per cent of the gross domestic product is expected to expand by 7.6 percent.The agriculture sector is expected grow 6.5 per cent in 2010 and industry is expected to grow 8.0 percent, up from 4.2 percent in 2009.The Central bank is projecting growth of 8.0 percent in 2011, which will also be broad based."All major sectors in the economy are expected to contribute favourably towards this high growth in 2011," the Central Bank said.source by:lb.lk