13 April 2011

Sri Lanka Budget Deficit Falls to 7.9pct of GDP in 2010 - Annual Report of the Central Bank of Sri Lanka

11th April 2011, www.lankabusinessonline.com

Sri Lanka's budget deficit fell to 7.9 percent of Gross Domestic Product in 2010 from 9.9 percent in 2009, Swarna Gunaratne, additional director of the central bank's economic research department said.

The deficit was better than the 8.0 percent of GDP that had been expected, she told a news conference held to mark the launch of the central bank's annual report.

Total government revenue rose 17 percent to 818.2 billion rupees in 2010 from the year before.

"The pickup in domestic economic activity and the strong recovery in imports increased government revenue in nominal terms above the original target set in the budget for 2010," the annual report said.

Revenue as a percentage of GDP increased to 14.6 percent in 2010 from 14.5 percent in the previous year.

Total government expenses fell to 22.9 percent of GDP in 2010 from 24.9 percent of GDP in 2009.

Total expenses rose to 1,280.2 billion rupees in 2010 from 1,201.9 billion the year before.

"Government expenditure was maintained within the original budgetary targets for 2010 with the strict monitoring of recurrent expenditure, while maintaining capital expenditure for the accelerated implementation of planned infrastructure projects," the report said.

Related Info:

The Summary of the Annual Report of the Central Bank of Sri Lanka for the Year 2010

Sri Lanka Performs better than BRIC Economies. Smart Money Highlights Investing in Smaller Emerging Markets

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