Sri Lanka GDP grew 6.4-pct in 2012: census dept

Mar 15, 2013 (LBO) – Sri Lanka’s gross domestic product grew 6.4 percent in 2012, slowing from 8.2 percent in 2011, with industry growing 10.3 percent, agriculture 5.8 percent and services 4.6 percent, the state statistics office said. In the December quarter the economy was estimated to have grown 6.3 percent from a year earlier, against an 8.3 percent growth in the fourth quarter of 2011.

Agriculture contracted 0.1 percent (2.4 percent in 2011), industry grew 13.4 percent (10.0 percent in 2011) and services grew 3.7 percent (8.5 percent in 2011), the statistics office said.

Sri Lanka’s real economic growth at 6.4 percent is still higher than in many other countries around the world.

In 2013 authorities are expecting the economy to grow 7.5 percent while the International Monetary Fund is expecting a more conservative 6.25 percent.

In 2011 Sri Lanka’s economy raced ahead with the central bank injecting over 160 billion rupees in printed money in the process of sterilizing foreign exchange sales, driving credit, imports and economic activity to new heights.

The interventions were scaled back from February 2012 and ended around May 2012.

However the liquidity injections forced the rupee down from 110 to 1