On Track

Standing left to right – Mr. Dinesh Jebamani (Chief Manager Liability Product Management and New Age Media – Seylan Bank), Mr.Sudesh Peiris (Senior Manager – Digital Banking Channels – Seylan Bank), Ms. S.Senevirathne (Representative of the Revenue Department – Western Province), Mr. Tilan Wijeyesekera (Deputy General Manager – Retail Banking – Seylan Bank) and Mr. Malik Wickremanayaka (Deputy General Manager – Operations – Seylan Bank)

Central Bank said GDP growth was on track to meet annual target of 5.5 percent this year but warned that political instability and progress on peace would be important for faster growth.
Service sector growth has been outstripping the agriculture and industry sectors by a fair margin.rn

rnSince economic liberalization in 1977 the industry sector has been the fastest growing sector in the economy. rn

rnBut all that has now changed.rn

rnNot only has services sector been growing faster but also steadily increasing its share in the economy.rn

rnThe service sector now accounts for over 54 percent of economic activity.rnThe service sector contribution to the economy is as high as 80 percent in some developed countries.rn

rnServices accounted for 48 percent of Gross National Product in 1992.rn

rnTen years on it now accounts for 54 percent while the contribution of agriculture has shrunk by 6 percent.rn

rnThe industry sector has held steady.rn

rnldblquote Structural rigidities and little prod