Growth in Lankan economy

Sri Lanka has shown a steep growth related to its economic development with the accelerated development launched in multiple sectors.

This development process is expected to widen in the forthcoming years, ensuring the objective of making Sri Lanka the Wonder of Asia. Unemployment registered a steep decline in the last quarter of 2009. In October 2009, Sri Lanka’s unemployment was 5.8 percent and in November it was 5.9 percent and came down to 5.4 percent in December 2009.

It is estimated that the unemployment rate will come to 4.5 percent by the end of this year.

The GDP which was 3.5 percent in 2009 registered a remarkable increase. It is expected to increase further to seven percent in the forthcoming months with more industries coming into operation, more lands coming under the plough and wide developments in the fisheries and tourist sectors.

The increase in the GDP has also contributed to the decline in the rate of inflation to single digit in Sri Lanka while many countries the inflation stands as double digit figures. Inflation in January was 6.5 percent, February 6.9 percent, March 6.3 percent, April 5.8 percent and further reduced to 5.3 percent in May.

The development activities and the steady economic growth has also contributed to reduce the national poverty line. Surveys by economists indicate that expenditure required per person for a month amounts to Rs 3,072.

On a district wise basis, the expenditure per person in the Colombo District amounts to Rs 3,423, while it is below Rs 3,000 in Anuradhapura, Hambantota and Moneragala Districts. In Hambantota the expenditure amounts to Rs 2,961, while in Anuradhapura and Moneragala it is Rs 2,913 and Rs 2,909.

The per capita income in Sri Lanka has registered a steady increase from 2005.

The per capita income in 2005 was U.S. Dollars 1,241 and this has shown a sturdy increase throughout the subsequent years and exceeded the US$ 2000 mark in 2008.

It was US$ 2014 in 2008 and at the end of 2009 reached U.S.$ 2,053 courtesy National Development Media.