Year end GDP growth tipped at 5.5 %

Sri Lanka’s Central Bank on Friday opted to go with a 5.5 percent GDP growth projection for 2005, from the earlier forecasted 5 percent to 5.5 percent range. Sri Lanka’s Central Bank on Friday opted to go with a 5.5 percent GDP growth projection for 2005, from the earlier forecasted 5 percent to 5.5 percent range. A Central Bank statement said “The available data indicate that the annual economic growth rate for the year 2005 could be revised up to around 5.5 percent from the range of 5.0 – 5.5 per cent projected earlier in the year, particularly as the adverse impact of the tsunami disaster on the economic activities in certain sub sectors is dissipating gradually.”

Sri Lanka’s economy meanwhile grew 5.5 percent up to September 2005, against 5.8 percent in 2004.

The growth performance in the third quarter reflected the continuation of the 6 per cent growth momentum recorded in the second quarter of 2005.

The bank said as in the past, the services and industry sectors provided the impetus for growth during the quarter and grew by 7.5 percent and 6.9 percent respectively.

The services sector’s third quarter performance is an improvement ove