Amidst global recession:
Tremendous growth in all sectors
Sri Lanka's economy has achieved tremendous growth in all vital
sectors last year amidst the global financial recession that battered
sound economies in the world.
The country has demonstrated a strong and resilient growth in the per
capita income last year.
According to the Central Bank's statistics, the per capita income for
2008 is 2,014 as against US$ 899 in 2000.
Media Minister Lakshman Yapa Abewardena at the weekly Cabinet press
briefing yesterday said the Government is sticking to a strategy to
achieve economic development while terrorism is being eradicated.
The unemployment rate declined from 12.3 in 1996 to 5.2 percent last
year. These figures indicate the continuation of the steady declining
trend over the past years, the Media Minister said.
The Minister said the per capita income has shown an upward trend
from 2000. The per capita income of a person in 2006 was 1421 US$ while,
it was 1617 US$ in 2007. "The ever increasing per capita income rate
demonstrates the Government's commitment to achieve development targets
in the midst of the fight against terrorism, the Minister said.
The poverty rate has also seen a tremendous decline for the past few
years while the Gross Domestic Product has also grown at 6% or above in
the last four years. The country has managed to remain the GDP Growth
rate above 6.00% from 2005.
The Real GDP Growth rate in 2005 was 6.2 percent while it was 7.7
percent and 6.8 percent in 2006 and 2007 respectively. He said the per
capital income by provinces have also increased.
The per capita income in the Western Province has shown a slight
decline while other provinces have show an upward trend.
This shows that the Government's vision to bring the dividends of
development to the under developed provinces is taking shape, the
The Minister stressed that the Government continues to provide a
fertilizer subsidy to the tea industry though a kilo of tea has shot up
to Rs. 63. "This shows the Government's commitment to develop the