13 July 2011

Sri Lanka's North Shows Highest Growth in 2010 while All Provinces Report Double Digit Growth

13th July 2011, www.dailynews.lk

The Western Province, made the highest contribution to GDP in 2010. However its share in GDP reduced to 45.1 per cent from 45.8 per cent in 2009.

As in 2009, Southern province provided the second highest contribution which was 10.7 per cent, an increase compared to 10.5 per cent in 2009, the Central Bank said yesterday.

In 2010, the GDP at current prices grew by 15.9 per cent, and reached Rs 5,602 billion with a per capita income of Rs 271,259 equivalent to US$ 2,399.

The Central Province provided the third highest contribution maintaining its relative position compared to 2009 and managing to increase its GDP contribution to 10.0 per cent in 2010.

However, the contribution of the North Western province declined to 9.4 per cent in 2010 from 9.6 per cent in 2009.

The contributions to GDP from Northern, Eastern, North Central and Sabaragamuwa provinces increased in 2010 while that of the Uva province was unchanged.

In line with improvements in country's economic environment, all the provinces have reported a double digit growth rate in 2010. Reflecting the rapid expansion in income generating activities in the Northern province, GDP growth rate was highest in the province at 22.9 per cent.

It's contribution to GDP also increased from 3.2 per cent in 2009 to 3.4 per cent in 2010. The North Central province has reported a 20.3 per cent GDP growth rate which is the second highest among all the provinces. Sabaragamuwa and Eastern provinces also reported high GDP growth rates of 19.1 and 18.7 respectively.

As in the past, the Western province contributed significantly to GDP in the country, as most of the economic activities that relate to sea port, air ports, banking and financial institutions and business centers are still centralized in the province.

The per capita income in the Western province which stood at US$ 3,808 (Rs 430,488) was 1.6 times the national per capita income in 2010. Per capita income in all other provinces continued to fall below the national per capita income.

Also in all provinces, this ratio was unchanged except in the Sabaragamuwa province where the relevant ratio increased. There are considerable variations in the structure of GDP across the provinces.

Agriculture accounted for just three per cent of GDP in Western province in 2010, whereas it accounted for over 16 per cent of GDP in the other provinces.

In the Uva Province agriculture accounted for more than 30 per cent of GDP.

In all provinces industry accounted for between 14.2 per cent and 34.8 per cent of GDP in 2010. Services sector was the most dominant single-sector accounting for between 48.3 per cent and 69.8 per cent of the GDP in the different provinces.

The contribution from the industry sector declined in the Western, Eastern, Uva and Sabragamuwa provinces in 2010 but expanded in the other provinces.

The greatest contribution to GDP from this sector was observed in the Southern province. Despite the contribution from the industry sector to GDP being lowest in Northern province, the province experienced the greatest expansion in its contribution during the period 2009 and 2010.

Meanwhile the contribution from the service sector increased in the Western, Eastern and North Central provinces but declined in all other provinces during 2010.

Related Info :

Central Bank of Sri Lanka - Annual Report 2010

Sri Lanka Budget Deficit Shrinks to 1.9pct of GDP for First TwoMonths of 2011 as Government Fscal Discipline Improves

Sri Lanka's First Post War Year Achieves GDP Growth Rate of 8pct. 2009 only 3.5pct. Highest Ever Achieved Since Independence was 8.2pct in 1968 & 1978

Sri Lanka's Public Debt Reduces to 81.9pct of GDP in 2010

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