Central Bank cut its 2004 GDP growth forecast to six percent from an earlier 6.5 per cent after factoring in current uncertainties in the peace process and the political front.
Projections for 2004 however, still remain above the 2003 economic growth target of 5.5 per cent.rn
rnThe Central Bank said if the political spat found a quick solution and the peace process got back on tract, it expects all three sectors to boom, led by a 7 per cent growth in the services sector.rn
rnThe growth momentum posted by the telecommunications, tourism and trade sub sectors will dive growth in the services sector, a Central Bank report release Tuesday said. rn
rnThe services sector grew 7.2 per cent in the first six months of 2003, propelled by the financial services and real estate industry, which grew by 12.8 per cent year on year.rn
rnGrowth in the plantation sector, another of the three main sectors is due from a recovery in tea and coconut production, said the report. rn
rnTea production was washed away