Central Bank forecasts 7-7.5 growth in 2008  
[Monday, November 12, 2007 - 4.00 GMT]  

In 2008, the Sri Lankan economy is projected to grow at a higher rate of 7-7.5 per cent, said a Central Bank report issued on November 7.
  
The Agriculture sector is expected to grow by 4.4 per cent while the Industry and Services sectors are projected to grow at higher rates of 8.2 per cent and 7.7 per cent, respectively.
  
Inflation is expected to moderate in 2008 with the continuous monetary policy tightening having its full impact on monetary aggregates supported by the anticipated favourable supply side developments.
  
Sri Lanka’s external sector is expected to improve further in 2008 recording an overall BOP surplus for the fourth consecutive year, thereby increasing the country’s external reserves and reducing pressure on the exchange rate. While export growth is expected to continue in 2008 at around 10.0 per cent, imports are projected to grow at a rate of about 11 per cent.
  
The current account deficit is projected to reduce to 4.0 per cent of GDP in 2008 from 4.3 per cent in 2007 due to the expected increases in surpluses in the services and transfers accounts in 2008.

  

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Last Updated Date: November 12, 2007 - 4.00 GMT