Economic growth of 9.5% targeted by 2013

Sri Lanka is expected to achieve an accelerated economic growth within the next two years. The target for 2011 is to reap an economic growth of 8.5% and increase this rate to 9.5% by 2013. The target set for 2012 is an economic growth of 9%.

The Governor of the Central Bank disclosing the monetary policy road map for 2011 said that the overall budget deficit is expected to decline further to 6.8 percent of gross domestic product and to around five percent of GDP in the medium term. Accordingly the expected balance of payments surplus in 2011 will be around 350 million dollars.

He said the Government revenue and grants are expected to increase to 15.6 percent of GDP while expenditure and net lending is expected to decrease to 22.4 percent of GDP. Similarly the recurrent expenditure is estimated to decrease to 16.1 percent of GDP and public investment is expected to be maintained at 6.5 percent of GDP.

Mr. Cabraal further said that the gross foreign exchange reserves reached 6.6 billion US dollars by the end of 2010, and the country’s external outlook had improved with higher export and tourism earnings and inflows from foreign direct investment and lending institutions, Govt. Information Department reports.

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