Industry Archives - Ceylon Independent

2017 sinks to slowest economic growth in 16 years

21Mar

By Faraz ShauketalyNo Comments

Business, Main Story

2017 sinks to slowest economic growth in 16 years

Department of Census and Statistics releases official GDP data for 2017 Economy grew by 3.1%; agriculture down by 0.8%; industry grows by 3.9%, services by 3.2% The country’s economy in 2017 had grown by only 3.1%, the slowest rate in 16 years and lower than the 4.4% achieved in 2016, as per data released yesterday by the Department of Census and Statistics (DCS). The Gross Domestic Product for Sri Lanka for 2017 (January to December) at constant (2010) price has reached Rs. 9,315,488 million while GDP value reported for 2016 was Rs. 9,034,290 million. The four major components of the economy - agriculture, industry, services and taxes – less subsidies on products have contributed their share to the GDP at a current price by 7.7%, 27.2%, 55.8% and 9.3% respectively for 2017. ...

Entrepreneur of the Year award 2017 under President’s patronage

The ‘Entrepreneur of the Year award 2017’, award ceremony organized annually by the Federation of Chambers of Commerce & Industry to give due recognition to the Sri Lankan entrepreneurs who excel in their fields, was held under the patronage of President Maithripala Sirisena at the BMICH, yesterday (11). This awards ceremony was organized for the 22nd consecutive year and awards were presented to the Sri Lankan Entrepreneur of the Year 2017, Woman Entrepreneur of the Year 2017, Young Entrepreneur of the Year 2017 and Differently-abled Entrepreneur of the Year 2017. These awards were presented under the Agribusiness, Industry, Services and Trading sectors. The main award of the ceremony, the Platinum Award was received by the JAT Holdings Managing Director Aelian Gunawardene...

Opinion: Budget 2018 – Will Clarity in Thought Translate to Clarity in Action?

By Kithmina Hewage &Harini Weerasekera Slow growth, declining export earnings and FDI inflows, and inadequate foreign exchange reserve cover characterize Sri Lanka’s current macroeconomic climate. The heavy dependency on non-tradables is a key factor slowing the country’s growth momentum. Apart from this structural feature, unfavourable weather conditions that are causing inflationary pressures could potentially dampen growth. Tightening of fiscal and monetary policy further restricts the space to provide stimulus for growth. On the plus side, over the past year, the economy has witnessed an improvement in macroeconomic fundamentals due to fiscal consolidation efforts, aided by a more prudent monetary policy framework and exchange rate management policy. To overcome debt, Sri Lanka ...