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(Date Posted:16/04/2008 10:56:20)
On the basis of information gathered on key sectors of the economy and on recent past trends, the Gross Domestic Product (GDP) growth for 2008 is maintained at around 6.0%. Exclusive of sugar, the growth rate would be around 5.6%. Figures published by the Central Statistics Office show that GDP at basic prices in 2008 would reach Rs 233 466 million, representing a nominal increase of 12.8% over the 2007 figure of Rs 206 934 million. GDP at market prices would increase by 11.9% to Rs 263 442. The main assumptions used for the forecast are: - Sugarcane/sugar milling: a normal production of 520 000 tonnes of sugar.
- Manufacturing: to grow by 4.1% compared to 2.2% in 2007. Output of Export Oriented Enterprises is expected tom reach Rs 47 000 million in 2008 compared to Rs 43 000 million in 2007.
- Construction: to grow by 7.0%, after a high growth of 15.2% in 2007, mainly attributable to the construction of commercial buildings, renovation of hotels and ongoing and new projects under the Integrated Resort Scheme.
- Hotels and Restaurants: to expand by 7.1%, lower than the growth of 14.0% registered in 2007 based on a forecast of 975 000 tourists in 2008. Tourist receipts are forecasted at around Rs 48 000 million compared to Rs 40 687 million in 2007.
- Wholesale and retail: to grow by 5.3%, higher than the 2007 figure of 4.4%.
- Financial intermediation: to grow by 7.6% slightly higher than the growth of 7.5% registered in 2007.
Investment in 2008 will most likely grow by 4.7% compared to 8.6% in 2007. Exclusive of net investment on aircraft (Rs 2 515 million) in 2007, the growth rate works out to 9.4% compared to 17.0% in 2007.
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