Annual Report 2010 - Ministry of Finance and Planning

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Ministry of Finance and Planning Sri Lanka > Annual Report 2010Domestic DemandDomestic Demand, Supplyof Goods and ServicesThe improved financial marketconditions and increased investorconfidence which was created bystable macroeconomic conditions hasled to an increased domestic demandin both consumption and capitalformation thereby sustaining 15.2percent increase in nominal GDP withcommendable 8 percent economicgrowth in 2010, compared to 3.5percent recorded in 2009.Sri Lanka’s domestic demand overthe years has remained in excess ofdomestic production of goods andservices, thereby creating a deficit. In2009, the country’s domestic demand(which consist of consumption, fixedcapital formation and changes ininventories), as a ratio of GDP hasremained 106.5 percent and the ratiohas increased to 109.8 percent in2010 due to several factors includingsubstantial increases in gross domesticfixed capital formation and increasedprivate consumption. Gross domesticfixed capital formation as a percentageof GDP has increased to 26.9 percentin 2010, from 17.6 percent witnessedin 2009, which can be defined asa healthy development towardsachieving the country’s developmenttargets. However, substantialexpansion of trade deficit by 71.3percent during the period underreview is a matter of concern, whichreminds us of the urgent need forthe expansion of the country’s exportand import replacement activities,particularly in areas of energyconservation, alternative energy useand domestic food production.Changes reflected in the aggregatedemand during year 2010 provesthe significant turnaround of theSri Lankan economy during theperiod under review, from a severecrisis experienced in 2009 due toglobal economic recession.Compared to 1 percent growthof aggregate demand in 2009,a significant 18.1 percent growthhas been reported in aggregatedemand during 2010 which indicatesthe substantial expansion of theeconomy, by way of increasedconsumption and fixed capitalformation. Most significant increasein Aggregate Supply has beenwitnessed in import of goods andservices in 2010. The contractionof 20.9 percent in import of goodsand servicesthat occurred in 2009has been reversed to an increaseby 28.2 percent in 2010. Sri Lanka’sexport of goods and services as apercentage of GDP, which stood at21.4 percent in 2009 has decreasedto 21.3 percent of GDP in 2010which suggests the need for exportdiversification.Table 1.71 > Domestic Demand, Supply and Trade BalanceCurrent Mkt PricesRs. Bn.Change(%)Ratio to GDP(%)2009 2010 2009 2010 2009 2010Domestic Demand 5,149 6,114 2.7 18.7 106.5 109.1Consumption 3,967 4,557 4.1 14.9 82.0 81.3Private 3,116 3,685 0.6 18.3 64.3 65.7Government 852 873 19.3 2.5 17.6 15.6Investment 1,181 1,558 2.9 30.3 23.8 27.0Private 863 1210 -1.7 40.2 17.4 21.6Government 318 347 17.6 9.11 6.4 6.2Net External Demand (Trade Balance) -314 -512 48.0 63.05 -6.5 -9.0Exports of Goods and Services 1,031 1,215 -5.9 17.84 21.4 21.7Imports of Goods and Services 1,345 1,726 -20.9 28.3 27.9 30.1Domestic Supply = GDP 4,835 5,603 9.4 15.9 100 100Source: Central Bank of Sri Lanka Annual Report 2010127
1 | DEVELOPMENT PERSPECTIVESTable 1.72 > Aggregate Supply and Use of Goods and ServicesRs. Bn Growth % GDP%2009 2010* 2009 2010* 2009 2010*Aggregate Demand 6,180 7,329 1.0 18.6 127.9 131Domestic Demand 5149 6,114 2.5 18.7 106.5 109.6External Demand=Exports of Goods andServices1031 1,215 -5.9 17.8 21.4 21.3Aggregate Supply 6,180 7,329 1.0 18.6 127.9 131Gross Domestic Product 4,835 5,603 9.4 15.9 100.0 100Import of Goods and Services 1,345 1,726 -20.9 28.3 27.9 31Trade Gap of Goods and Services 314 511 48.0 62.7 6.5 9.6Share of Imports in Aggregate Supply (%) 21.8 23.5 4.0 7.8 27 30Source: Central Bank of Sri Lanka Annual Report 2010128
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Ministry ofFinance and Planning(as
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Heads ofDepartments under thePurvie
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ContentsChapter 1 Development Persp
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Chapter 5 Foreign Financing 243Over
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SRI LANKA AT A GLANCE - 2005 & 2010
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BRIEFINGSBriefings“Much remains t
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6 | DEVELOPMENT FINANCEOverviewThe
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Annual Report 2010 - Ministry of Finance and Planning

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