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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka's war- torn north records highest economic growth: CB

Sri Lanka's war- torn north records highest economic growth: CB

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Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Aug 10, 2012 (LBO) – Sri Lanka's northern province which had been badly hit by three decades of war had the highest rate of economic growth in 2011 as a post-war revivial continued, the central bank said.

The north's gross domestic product grew 27.1 percent in 2011, the bank releasing provincial GDP said.
The northern province's contribution to the overall GDP increased to 3.7 percent last year from 3.4 percent in 2010, the bank data showed.

The Central bank says growth was mainly driven by improved performance in the agriculture sector supported by the expansion of banking service in the region.

Paddy production in the region had increased by 90 percent to 210 million kilos last year compared to 2010.

Marine fish production has grown 38 percent to 46,370 and inland fish production by 165 percent to and 2,150 metric tons, respectively in 2011.

The North Western and Southern provinces benefiting from construction, trade, manufacturing, transport, and financial services recorded the next highest growth rates of 21.9 percent and 21.4 percent increasing their share of the GDP.

Eastern and the north central provinces saw a slowdown in growth and a decline in their share of GDP owing to a setback in the agriculture sector.

The Eastern province registered a growth of 12.4 percent last year from 19.5 percent in 2010 while the North central province recorded 12.4 percent in 2011 from 20.6 in 2010.
http://www.lbo.lk/fullstory.php?nid=1975113124

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