Sri Lanka's North records highest Economic Growth
Sri Lanka's Northern Province which was badly hit by war has had the highest rate of economic growth last year The North's gross domestic product grew 22.0 percent last year, against 12.1 percent in 2009, the Central Bank said in an analysis of provincial GDP.
The Eastern Province, which had also been affected by war, came fourth with a growth of 18.7 percent after the North-Central Province which grew 20.3 percent and Sabaragamuwa Province which grew 19.1 percent.
In 2009, it was the eastern province which had the highest rate of growth among provinces, expanding 13.4 percent.
The Bank said that in line with improvements in country’s economic environment, all the provinces reported a double digit growth rate last year. Its data showed a sharp growth in industry in the Northern Province, which has increased to 14.2 percent of GDP in 2010 from 9.3 percent in 2009.
The services sector has expanded faster in the east, rising to 48.4 percent of GDP in 2010 from 43.6 percent in 2009.
"As in the past, the Western province contributed significantly to GDP in the country, as most of the economic activities that relate to sea port, air ports, banking and financial institutions and business centers are still centralized in the province," the statement said.
