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| Wednesday, 30 June 2004 |
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Sri Lanka has recorded a positive growth of 6.2 per cent in the first quarter of 2004. This is the highest growth rate recorded in the past seven quarters, Deputy Governor, Central Bank, W. A. Wijewardane, told a press briefing at the Central Bank headquarters yesterday. "This augurs well for growth in the remainder of the year," he said. In the first quarter of 2004, Gross Domestic Product (GDP) grew in real terms by 6.2 per cent over the corresponding quarter of the previous year. This is a continuation of the growth momentum that began in the second half of 2002. This growth reflects the macro-economic stability that prevailed throughout that period. Although this growth is less than 6.9 per cent recorded during the last quarter of 2003, it exceeds the annual growth of 5.9 per cent attained in 2003. This is the seventh consecutive quarter that Sri Lanka recorded an economic growth in excess of 5.5 per cent, he said. The macro-economic environment that had prevailed for the most part of these seven quarters and was conducive to achieving and sustaining this relatively high period of growth included greater fiscal discipline, declining interest rates, a stable foreign exchange market, and falling inflation, together with prudent monetary management. One challenge is ensuring the required level of investment to achieve and sustain such a high growth over a long period. Future expansion in investment will ultimately depend on the critical factors that impact on both investor and consumer confidence. |
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