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| Monday, 31 January 2005 |
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GDP growth to decline by one per cent - CCC The Economic Unit of the Ceylon Chamber of Commerce estimates GDP growth to decline by about 1 per cent as a consequence of the tsunami disaster and projects GDP growth to be around 4.7 per cent this year. They anticipate the impact to be felt by all three sectors of the economy ie. agriculture, industry and services with contraction of fisheries, small industry and tourism. The negative impact on industry is expected to be offset largely by higher growth in the construction sector. Although inflation will continue to rise for some time, the Chamber does not anticipate inflation to increase further as a result of the tsunami. They project CCPI based inflation to be around 9 per cent by end 2005. In contrast, Investments and the Fiscal deficit would rise due to relief and reconstruction. However, the extent of increase in these would be dependent on the speed with which reconstruction work is initiated and expedited by Government. These views were expressed in the Quarterly Economic Review for Fourth Quarter 2004 released by the Chamber recently. |
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