Annual Report 2008 - Ministry of Finance and Planning

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1. Macro Economic Perspectives 34 Table 1.8 Gross Domestic Product - Sectoral Composition (2002) Constant Prices (Rs. Mn) 2006 2007 2008 Agriculture, Forestry and Fishing 257,131 265,870 285,897 Agriculture, Livestock and Forestry 235,872 241,285 258,881 Tea 26,985 26,494 27,628 Rubber 4,993 5,205 5,743 Coconut 28,933 30,403 31,975 Minor Export Crops 10,187 10,706 10,478 Paddy 37,608 35,261 43,321 Highland Crops 27,054 28,428 29,439 Fruits 1,745 1,826 1,900 Vegetables 53,138 55,249 58,197 Livestock 17,992 19,415 20,495 Other Agriculture 6,856 6,999 15,206 Firewood & Forestry 12,869 13,544 14,499 Fishing 21,260 24,585 27,016 Industry 590,298 635,199 672,790 Mining and Quarrying 35,769 42,631 48,090 Manufacturing 370,355 394,233 413,680 Processing Industries 13,818 14,150 14,896 Factory Industry 333,372 355,611 373,215 Small Industries 23,166 24,472 25,570 Electricity, Gas and Water 52,926 55,339 56,847 Electricity 46,183 48,303 50,184 Gas 4,399 4,525 4,062 Water 2,344 2,512 2,601 Construction 131,248 142,996 154,173 Services 1,243,119 1,331,587 1,406,814 Trade, Hotels and Restaurants Import Trade 196,647 203,105 212,651 Export Trade 95,535 103,926 104,861 Domestic Trade 222,328 239,115 254,400 Hotels and Restaurants 9,411 9,199 8,741 Transport and Communication 259,546 286,764 310,029 Transport 220,990 241,648 256,954 Cargo Handling-Ports and Civil Aviation 13,583 14,773 15,951 Post and Telecommunication 24,973 30,343 37,124 Financial Services, Real Estate and Business Services 249,350 265,720 279,185 Banking and Insurance 177,817 193,375 206,048 Real Estates , Renting and Business Services 71,533 72,345 73,137 Government and Other Services 210,300 223,759 236,947 Public Administration and Defense 161,611 171,259 181,051 Community and Other Services 48,689 52,500 55,896 Gross Domestic Product 2,089,444 2,232,656 2,365,500 Source: Department of Census & Statistics Ministry of Finance and Planning Sri Lanka Annual Report 2008
1. Macro Economic Perspectives 35 Growth in Exports despite Many Challenges Earnings from exports recorded a growth of 6.5 percent to US $ 8,137 million in 2008. Exports which grew by around 10 percent during the first three quarters of the year suffered due to the contraction of the world demand, towards the latter part of the year. The performance in the first three quarters were noteworthy considering challenges that had to be faced such as the economic slowdown faced by major trading partners, high oil prices, and consequential cost escalations coupled with the uncertainties associated with the availability of concessions under the GSP + scheme. economic conditions, also created a negative impact on industrial exports in 2008. Chart 1.11 Agricultural exports grew by 23.1 percent to US $ 1,855 million in 2008 providing an impetus to the export growth. Tea exports generated US $ 1,271 million, the highest ever earnings recorded for tea exports benefitting from the attractive international prices that prevailed especially during the first three quarters of the year. With the rising demand from Middle Eastern countries, and the uncertainties in relation to production that prevailed in Kenya helped to boost Sri Lankan tea prices which reached a record high level during the period. Associated with the intensification of the global crisis, the drop in demand plunged tea prices in the latter part of the year, compelling the government to intervene through Sri Lanka Tea Board to purchase unsold tea at auctions. Minor Agricultural exports such as fruits, vegetables, spices such as cloves and cinnamon and betel recorded both price and quantity increases and generated US $ 287 million, a growth of 24 percent over 2007 levels. Increase in Worker Remittances Worker remittances in 2008, continued to show an increase at a higher rate for the fourth consecutive year, registering US $ 2,918 million in 2008. Increase in the average wages in Middle East countries due to increase in income levels in these oil producing countries, increased migrants to countries such as Malaysia, Korea and Singapore which attract higher wages coupled with intensified promotional activities by the commercial banks to mobilized remittances through banking system contributed to enhance worker remittances in 2008. The increased worker remittances provided a cushion to the increasing current account deficit of the Balance of Payment and the stability of the exchange rate. Chart 1.12 The industrial export at US $ 6,160 million recorded a moderate growth of 3.2 percent in 2008. The major factor attributable to this was the lower growth recorded in the apparel sector, which grew only by 3.9 percent compared to 6-8 percent growth in the recent years, mainly due to the sluggish US and EU markets. The progress made by tyre and other rubber product exports were curtailed towards the latter part of the year due to the slump in the world automobile industry coupled with declining demand for gems and jewellery stemming from the worsening world Ministry of Finance and Planning Sri Lanka Annual Report 2008
Page 1: 2008 Annual Report Ministry of Fina
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Page 18 and 19: 16 Sri Lanka at a Glance - 2008 KEY
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4. Reform Initiatives 178 Finance/R
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4. Reform Initiatives 180 Environme
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4. Reform Initiatives 182 Pradeshiy
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4. Reform Initiatives 184 SALIENT F
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4. Reform Initiatives 186 The Credi
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4. Reform Initiatives 188 Name of t
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4. Reform Initiatives 190 Project P
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4. Reform Initiatives 192 TERMS OF
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4. Reform Initiatives 194 Table 4.8
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4. Reform Initiatives 196 grounds,
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