Export earnings were down almost 20 percent. Imports were down 3 percent in April.
rnGross Domestic Product growth in the first 3 months was a mere point one percent (.1%).
rnBut the government says the economy bounced back in the second quarter to grow by nearly 6 percent.
rnThe Central Bank is cautious about joining the bullish bandwagon. They are still not ready to revise their full year forecast.
rn”Clearly there are signs of recovery. But how fast it would take place is difficult to say at this point,” Dr. Anila Dias Bandaranaike, Director Statistics, at the Central Bank says.
rnEconomists say that the continuing slide in exports is a cause of grave concern. However the Central bank is optimistic of an export pickup in the latter part of the year- citing the recovery of the US and the EU economies.
rn”Given the -more-than-expected-recovery of the US and the EU, indications are that things will turn around in the second half, Dr. A. Bandara at the International Division of the Central Bank exp