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Issued Under Section 16 of the Fiscal Management(Responsibility)Act No. 03 of 2003
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Sri Lanka Records South Asia’s Largest Per Capita Remittances.....
On an average, the remittances per person in Sri Lanka surged to US $ 164 in 2009 compared with an average for South Asia of about US $ 35. The per capita remittances in 2009 were 5 times higher than that was in 2005.
Remittances in 2009 were US $ 3,330 mn, a 14 percent increase over 2008. It constitutes about 7-8 percent of GDP.(19.Feb 2010)
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Capital is ready with a surge in the stock market..
The Colombo Stock Market reached its highs in 2009 ranking the second-best in the world supported by the end of the civil conflict frees up government spending for investments in infrastructure and agriculture. The ranking will help to attract foreign investors and fund managers to the country and introduce new market instruments i.e. derivatives to the marke ( Feb. 19 2010)
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Tourism sector enjoyed total earnings of US $ 384 million in 2009, an increase of 12.3 percent over 2008 making itself as the fast emerging growth industry in the economy. The number of tourist arrivals has also increased to 448,000, a 2.1 percent increase compared to 2008. Sri Lanka is eyeing 575,000 tourists with earnings of US $ 600 million for 2010( Feb. 05 2010)
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Granting of Variuos Concessions by the Government, including Alienation/Leasing of Lands owned by the State/State Agencies and granting of approval for new projects
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External Trade Bounces Back from Negative….....
The exports and imports grew by 6.4 percent and 0.5 percent respectively in December 2009 returning to its normalcy after recovery from the recession. Agricultural exports which grew by 40.2 percent to US $ 169.3 million in December 2009, ( Feb. 12 2010)
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Capital is ready with a surge in the stock market....
The Colombo Stock Market reached its highs in 2009 ranking the second-best in the world supported by the end of the civil conflict frees up government spending for investments in infrastructure and agriculture. The ranking will help to attract foreign investors and fund managers to the country and introduce new market instruments i.e. derivatives to the market.( Jan. 28 2010) More...
Sri Lanka ranked among the Top Ten Fastest Economies, being eighth in the world according to the Economist Intelligence Unit. As the global economy would emerge in the recession, it is envisaged that Sri Lanka would record a 6.3 percent GDP growth rate that is second only to China, which will record a 8.6 percent in the Asian region. ( Jan. 08 2010) More...
Decline interest Rates...
The Bank lending rates have been fallen by about 4% after the revision of interest rates at the end of Oct.2009. The present lending rates on average stood at 8%-16% as against 12%-23% stationed before the revision This will pave the way to reduce the borrowing rate and deposits rates. This would benefit the entire economy by expanding activities of the industry, service and agriculture sectors particularly in the SME sector.
( Jan. 15 2010) More...
Annual Average Inflation continued to decline the lowest level....
The annual average inflation declined to a 3.4 percent in December 2009 from 22.6 percent recorded in 2008. However, inflation rose to 4.8 percent in December 2009 reflecting the increased food prices due to less supply of agricultural consumer goods such as rice, vegetable, fish and sea food, coconut and potatoes from November to December coupled with seasonal pattern continued with festival season.
( Jan. 08 2010) More...
Declined interest Rates....
As a response to easing off the monetary policy stance of the Central Bank in line with the decreased inflation, the money market interest rates have declined by over 900 basis points so far this year. A similar decline is observed in the short term interest rates. As a result, the lending rate has also declined.
( Jan. 08 2010) More...
Sri Lanka ranked the Second-best performing stock market in the world....
The Colombo Stock Market reached its highest in 2009 ranking the second-best in the world supported by the end of the civil conflict frees up government spending for investments in infrastructure and agriculture. The ranking will help to attract foreign investors and fund managers to the country and introduce new market instruments such as derivatives to the market.
( Jan. 01 2010) More...
Annual Average Inflation continued to decline the lowest level....
The annual average inflation declined to a 3.4 percent in December 2009 from 22.6 percent recorded in 2008. However, inflation rose to 4.8 percent in December 2009 reflecting the increased food prices due to less supply of agricultural consumer goods ( Jan. 01 2010) More...
Stock market on a positive note...
At the week ending December 24th, the All Share Price Index averaged at historic high of
3,266, up 132 points while MPI also increased to 188 points to close at 3,744. Turnover was Rs. 1,197. Market capitalization at the end of the week was Rs. 1,053.6 billion
.(Dec. 24 2009)
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