GIS – December 30, 2013: According to the latest issue of the Economic Indicators, Gross Domestic Product (GDP) would grow by around 3.2% this year, lower than the 3.4% in 2012. Exclusive of sugar, the growth rate would be around 3.3% compared to 3.5% in 2012.
On the basis of information available on key sectors of the economy and the performance of the first nine months of year 2013, GDP at basic prices in 2013 would reach Rs 322,696 million compared to Rs 302,758 million in 2012, representing a nominal increase of 6.6%. GDP at market prices would increase by 6.5% to Rs 366,401 million from Rs 343,975 million in 2012. Taxes on products (net of subsidies) is expected to increase by around 6.0% to reach Rs 43,705 million from Rs 41,218 million in 2012.
The performance of main industry group in 2013 would be as follows:
· Sugarcane: sugar production is forecasted at around 407,000 tonnes comprising refined and special sugars, resulting in a negative growth of -1.3% compared to -7.3% in 2012.
· Manufacturing: to expand by 3.0%, higher than the 2.2% growth in 2012.
· Construction: to decline further by -9.4% after the contraction of -3.0% in 2012 mostly explained by completion of major projects such as airport extension and shopping malls in 2012.
· Accommodation and food service activities: a growth of 3.5% based on a forecast of 1 million tourist arrivals in 2013 compared to 965,441 in 2012. However tourist earnings are forecasted at Rs 41.5 billion compared to Rs 44.4 billion in 2012.
· Information and communication: to expand by 7.1%, lower than 8.6% in 2012.
· Financial and insurance activities: to grow at a rate of 5.4% compared to 5.7% in 2012.
As reported in the Economic Indicators investment in 2013 would reach Rs 77,019 million, representing a decrease of around 2.7% in nominal terms over the 2012 figure of Rs 79,185 million. Imports of goods and services would reach Rs 240,468 million in 2013 compared to Rs 229,251 million in 2012, representing a nominal increase of 4.9%. Exports of goods and services would increase by 5.7% to Rs 198,476 million in 2013 from Rs 187,688 million in 2012.
In light of information gathered on key sectors of the economy and assuming the same implementation rate as in 2013 for measures announced in the last budget regarding public investment projects, GDP for 2014 would grow by around 3.7%, higher than the 3.2% growth in 2013. Exclusive of sugar, the growth rate would be 3.8% compared to 3.3% in 2013.
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