Sri Lanka growth slowed to 3.2-pct in 2018: central bank

ECONOMYNEXT – Sri Lanka’s economic growth slowed to 3.2 percent in 2018 from 3.4 percent the previous year with growth largely supported by services activities and a recovery in agriculture while industry almost stagnated, the central bank said.

“The vulnerability of the Sri Lankan economy to global and domestic disturbances became increasingly visible in 2018, with a modest expansion in real economic activity amidst a low inflation environment during the year,” it said in a statement on the bank’s annual report for 2018.

The services sector grew by 4.7 percent and agriculture bounced back to a growth of 4.8 percent.

“Industry activities slowed down significantly to 0.9 percent during the year, mainly as a result of the contraction in construction,” the Central Bank said.

Investment as a percentage of Gross Domestic Product fell to 28.6 percent in 2018 from 28.8 percent in the previous year.

The savings-investment gap widened during the year indicating increased dependence on external resources to fill the shortfall.
(COLOMBO, April 25, 2019-SB)

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