Earnings from exports declined while expenditure on imports increased during December 2019, widening the trade deficit. During the year 2019, the trade deficit contracted significantly, driven by a sharp contraction in import expenditure.
With a view to accelerating economic growth in the country and based on discussions held with the Hon. Prime Minister and the Minister of Finance, officials of the Office of the President, Office of the Prime Minister and Ministry of Finance,
Export Development Board (EDB) Chairman Prabhash Subasinghe yesterday urged that boosting exports must be everyone’s priority, as the key agency set an ambitious yet achievable target of $ 18.5 billion this year, up by 15% from 2019.
Economic growth in Sri Lanka will surpass 4 percent by 2020 as there has been a notable improvement in business confidence induced by political stability and targeted action taken by authorities to boost demand, the Governor of the Central Bank said.
Headline inflation as measured by the year-on-year (Y-o-Y) change in the National Consumer Price Index (NCPI, 2013=100) increased to 6.2 percent in December 2019 from 4.1 percent in November 2019.
The trade deficit contracted marginally in November 2019 (year-on-year), with both imports and exports declining. During the first eleven months of 2019,
The trade deficit contracted marginally in November 2019 (year-on-year), with both imports and exports declining. During the first eleven months of 2019, the trade deficit contracted compared to the corresponding period in 2018, as a result of the significant decline in expenditure on imports along with a marginal increase in earnings from exports.
According to Foreign Minister Dinesh Gunawardena, Sri Lanka aims to increase bilateral trade with Russia to US$ 700 million and to continue policies set by the previous administration.
Sri Lanka is expected to grow by 3.3% in 2020 compared to a projected 2.7% in 2019, while maintaining a tight budget, the World Bank said. "In 2020, growth in Sri Lanka is projected to rise to 3.3 per cent," said the Global Economic Prospects report.
Economy News Update: Sri Lanka will seek to accumulate forex reserves and stabilize exchange rates, and will engage with the International
National inflation in Sri Lanka decreased from 5.6 percent in October to 4.1 from 12 months to November 2019, but prices rose by 0.8 percent in the month. The National Consumer Price Index rose to 132.9 points, up from a 1 percent increase in October, to 0.8 percent in the month of November.
National Cleaner Production Centre (NCPC) organized a media launch on the 1st Sri Lankan Conference on Resource Efficiency and Circular Economy on 3rd December 2019 at the Organization of Professional Association (OPA) with invited local electronic and print media.
In the first ten months of 2019, Sri Lanka's tourism sector earnings are reported at US$ 2.806 million, compared to US$ 3.538 million in the corresponding period of 2018, the Central Bank of Sri Lanka's latest External Sector Performance Report.
The trade deficit contracted in October 2019 (year-on-year), with the decline in expenditure on imports and a marginal decline in earnings from exports.
One of the series of economic development goals announced by the government yesterday for the next five years is a per capita GDP share of US$ 6,500 per individual Sri Lankan.
CCPI's yer-on-year inflation was 4.4 percent in November 2019, and October 2019 inflation was 5.4 percent, the Census and Statistics Department said.
Sri Lanka Prosperity Index (SLPI), increased to 0.783 in 2018 from 0.548 recorded in 2017. All three sub-indices of SLPI, namely ‘Economy and Business Climate’, ‘Well-being of the People’ and ‘Socio-Economic Infrastructure’ contributed to this increase.
Manufacturing PMI increased to 57.6 index value in October 2019 mainly due to increase in Production and New Orders compared to September 2019.
Central Banks says In September 2019 (year-on-year), the trade deficit increased, with the fall in export earnings exceeding the decrease in import spending.
Sri Lanka’s economy remains vulnerable to adverse shocks given the high public debt and low reserves, the International Monetary Fund (IMF) stressed.
In 2020, a new Central Bank report says, the Sri Lankan economy is projected to grow by about 3.5 percent in real terms. "Growth is expected to be broad-based and all major economic activities should make a positive contribution," he says.
The trade deficit contracted in August 2019 as the decline in imports continued while the dip in exports in the previous month has largely recovered. Import expenditure recorded a decline of 16.6 per cent (year-on-year) and export earnings declined fractionally by 0.4 per cent (year-on-year) in August 2019, mainly due to the lower prices of major export categories.
Manufacturing activities expanded at a slower rate in September 2019, recording an index value of 54.7 which is a decrease of 1.9 index points, compared to August 2019. This slowdown in manufacturing PMI was mainly driven by the slowdown in Production and New Orders during the month of September.
The lending rate cap recently imposed by the Central Bank of Sri Lanka (CBSL) on rupee-denominated loans extended by Sri Lankan banks may not improve loan growth in the short term, Fitch Ratings says. To the extent banks cannot price for risk in order to make hurdle rates of return, they may extend less credit for riskier consumer and commercial loans that carry higher losses.
The western province continued to account for the biggest share in 2018 as estimated by the Statistics Department of the Central Bank of Sri Lanka (CBSL) according to the Provincial Gross Domestic Product (PGDP). The second and third largest contributors, respectively, were the central and northwestern provinces.
Over the past eleven months, the Central Bank of Sri Lanka has taken a number of monetary and regulatory policy measures to induce a reduction in market lending rates. These measures include the reduction of the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 100 basis points in two steps,
The government has decided to declare a grace period for imported motor vehicles during the period from January 2015 to November 2017 and pending the Hambantota Port customs clearance, subject to the following requirements being met.
Ten coconut exporters from Sri Lanka were housed in the CDA Pavilion and four businesses from Ceylon Tea were under the Pavilion of the Tea Board. Furthermore, eight individual Sri Lankan exporters representing food industries participated in Find Food Australia 2019 and promoted Sri Lankan value-added food products.
The Ceylon Chamber of Commerce launched the working draft of their 2020-25 Economic Acceleration Framework, at the Sri Lanka Economic Summit (SLES) recently. The Framework was introduced by Dr. Hans Wijayasuriya during the title keynote session, which focused on re-calibrating Sri Lanka’s economic trajectory.
In 2019, Sri Lanka enhanced paddy (rough rice) output from both growing seasons to 4,613 million metric tons, up 5.5 percent from an initial estimate, and up 17 percent from last year, state agricultural officials said.
The forex reserves of Sri Lanka increased to 8,532.6 million US dollars in the month of August 2019, official information showed. The gross official reserves of Sri Lanka consist of both the central bank and the treasury's balances. Fiscal balances, which operate as debt raising and settlement,
Sri Lanka's export turnover amounted to $9.5 billion during this year's first seven months, while the goal was $18.5 billion.
The much-anticipated worldwide tea marketing campaign would lastly get off the ground on September 25,
A market opening ceremony was organized at the Colombo Stock Exchange (CSE) to mark the 50thAnniversary of Abans Group, as part of a series of events organized by the company to celebrate its corporate milestone.
Bangladesh, Sri Lanka's trade with Asia's fastest-growing economy, is set to rise when both countries meet later this year for ministerial trade talks-after nearly three years.
According to the Sri Lankan Purchasing Managers Index (PMI) published by the Central Bank's Statistics Department on Thursday, both manufacturing and service industries continued to expand last month after the terrorist attacks of April 21. Manufacturing operations continued to expand at a greater pace in July 2019, recording an index value of 55.7,
Pan Asia Bank, with its island-wide network of 85 branches, has been working closely with the agriculture sector in recognition of the significant contribution made by this community, which is engaged in agriculture and related businesses, to the growth of the country’s economy.
Rehan Lakhany, Chairman of the Sri Lankan Apparel Exporters Association, said key stakeholders in the Sri Lankan apparel industry are in discussions with the government to create a specialized manufacturing area in the apparel industry.
In the first half of this year Sri Lanka's exports rose 11.4 percent, at $8.4 billion, compared with the corresponding $7.5 billion of last year's era.
Sri Lankan Laugfs Gas is now entering into discussions with strategic investors to make an investment in its energizing and leisure businesses from a domestic cooking gas supplier to regional traders and hotels, President W.K.H. Wegapitiya said.
The Group's resilience and uncompromising atmosphere represent the 14 percent development in revenues, with a turnover of Rs. 75 billion per capita in the year and a moderating economy development combining acquisitions and company development, "said Chairman / General of the Softlogic Group Ashok Pathirage.
Governor of Central Bank Dr. Indrajith Coomaraswamy said the macro-economic fundamentals of the country were in a pretty good form yesterday, with growth for the fourth quarter favored. "We raised enough funding too, almost by the middle of next year, to fulfill our commitments," he said.
The central bank of Sri Lanka supported overnight prices at around twenty basis points above its policy level, which on 31 May fell 50 basis points and, from the last policy conference, official information showed that the de facto target rate had dropped to a further eighty-one basis points.
The Minister stated that a total of 84 suggestions had been submitted, with only 16 being enacted. Samaraweera said that today's world concentrates more on global warming, environmental conservation, wildlife protection, reforestation of forests, reduction of emissions and, in particular, polyethylene and plastic dumping.
Premier Ranil Wickremesinghe of Sri Lanka said that he is fighting in court for anti-freeholders to give titles to peasants and others who, through multiple programs, are granted less certain land rights from the state. Wickremesinghe was cited at a lecture in Ampara as stating "There are some groups that oppose the privileges of the freehold through court actions.
Sri Lanka's rupee opened up to the US dollar softer on the ground on Friday at 176.15/21, while bond returns decreased and shares opened up 0.5% higher.
Although the general government revenue of Sri Lanka dropped in the first quarter of 2019 as imports slowed down, with a fresh internet collection scheme and better enforcement, income tax profits were noticeably greater, the Treasury said.
In the first four months of 2019, the Sri Lankan Ports Authority, which operates the island's merchant shipping harbors, produced a profit of 10.5 billion rupees, the finance ministry said, as cargo volumes rose sharply.
Sri Lankan tea exports totaled 26.6 M / kgs for the month of May 2019, demonstrating an increase of 3.5 M / kgs compared to 23.07 M / kgs for May 2018.
The government is making an effort to provide necessary legal or infrastructure support to develop the freelancing community as well as the startup culture in Sri Lanka,
In a recent discussion with the KPMG team, Central Bank Governor Dr. Indrajit Coomaraswamy affirmed that if Sri Lanka continues on this favorable route,
Headline inflation as measured by the year-on-year change in the National Consumer Price Index (NCPI, 2013=100)1 dropped from 3.6% in April 2019 to 3.5% in May 2019
The Digital Social Impact Awards launched e-Swabhimani calling for apps for 2019. E-Swabhimani is now in the process of acknowledging digital applications/solutions that have a favorable social impact, in line with the government's policy on digitizing the economy.
YoY inflation as measured by CCPI is 5 percent in May 2019 and 4.5 percent in April 2019.
Central Bank Governor, Dr. Indrajit Coomaraswamy yesterday said, Sri Lanka should maintain tight financial discipline over the next few years to strengthen the country’s financial situation and take the country forward as the Easter Sunday bomb attacks have already taken its toll on the economy. However, he said but Sri Lanka has been able to manage the negative impact in the aftermath of the attacks.
The Auditor General had examined the expenses of the CWG Hambantota 2018 (Pvt.) Ltd from November 23, 2010, to May 31, 2013, its initial share capital, financial donations to it, its financial statements and legal matters in relation to its liquidation.
Sri Lankan apparel manufacturer, Hela Clothing Group, announced it has completed the balance raise of $3.6 million from its Series A funding round bringing the total equity raised to $10 million,
Central Bank Governor Dr. Indrajit Coomaraswamy said Sri Lanka's goal is to raise another $ 2 billion ahead of a presidential election in December.
Sri Lanka's nationwide inflation in April 2019 determined under the National Consumer Price Index (NCPI) rose to 3.6 percent from 2.9 percent recorded in March on a year-on-year basis, the Department of Census and Statistics reported Tuesday
Sri Lankan ICT, BPM delegation at Japan IT Week expects to attract USD 1 mn worth of business by end of 2019.
From 8 billion in 2017, the total foreign grants received by Sri Lanka from multilateral and bilateral sources increased drastically to 12.5 billion in 2018.
On the 10th of April 2019, the Central Bank of Sri Lanka Launched the Roadmap for Sustainable Finance in Sri Lanka at the Sustainable Banking Network Global Meeting
Resulting in an increase of 1.5% in the interest rate on International Sovereign Bonds (ISBs), the forming of a 52-day illegitimate Government has amounted a loss of Rs. 6.4 Billion in the recent issue of ISBs, Finance Minister, Mangala Samaraweera said yesterday.
Mangala Samaraweera, Finance and Media Minister reported that the government is looking forward to and focusing on rebuilding and re-positioning the island with three major economic policy priorities; namely,
The state administration has taken up the challenge of re-rooting the path of the major economic indicators of the country, Eran Wickramaratne, State Minister for Finance and Media said the 60th AGM of the National Chamber of Commerce of Sri Lanka recently.
Sri Lanka will maintain economic growth of around 3.75% in 2019, said Central Bank Governor Dr. Indrajit Coomaraswamy at the Sri Lanka Economic Association (SLEA) annual session held in Colombo last Friday.