Sri Lanka’s economy grew 7.8 pct in 2014 and targets 8 pct growth in 2015: Central Bank

Jan 03, 2014 (LBO) – Sri Lanka’s economy grew about 7.8 percent in 2014, the Central Bank Governor Ajith Nivard Cabraal said. Exports grew 10 percent to 11.5 billion US dollars in 2014. Textile and Garment, Tea and Coconut mainly contributed to the growth in exports. Imports increased 7.8 percent to 19.4 billion US dollars in 2014.

The Island’s trade deficit increased by 4.7 percent to 8 billion US dollars in 2014 from 7.6 billion US dollars in 2013.

He said the regulator targets an 8 percent economic growth in year 2015.

I have seen some people saying that Sri Lanka does not have the capacity to have an 8 percent growth?

Now that is because they have not gone through carefully on the new additions that have come to the structure of our economy,

Our structure of the economy has changed. We have built new infrastructure. We have built new capacity. We have new areas of development which will be the drivers of the economic activity for the future,

Now that also have to be factored in, if you look at the potential output and potential output growth in a country.