FactChecked

“Sri Lanka’s Highest ever Economic Growth recorded so far is 9.1% in 2012” – Rating ‘True and Correct’

6th June 2017, FactCheck Sri Lanka.

CLAIM

“Sri Lanka’s Highest ever Economic Growth recorded so far is 9.1% in 2012”

RATING

FactCheck True

ORGIN

 

The adoption of market-oriented economic policies in 1977 and the subsequent reforms and liberalization measures undertaken by successive Governments in recent years have enhanced the long-term growth prospects and resilience of the Sri Lankan economy.

After four consecutive years of 6.0% or higher growth, the growth of the Sri Lankan economy slowed in 2009 as a result of the global financial and economic crisis. The economy recovered strongly in 2010, underpinned by favourable developments in the domestic and external fronts.

The Democratic Socialist Republic of Sri Lanka released an Offering Circular to international investors on 4th May 2017 in a bid to raise US $1,500,000,000/- (US $ 1.5 billion) from a 10 year Sovereign Bond.

According to that Offering Circular, it highlights that the Sri Lankan Economy grew by 9.1% in 2012, which was the country’s highest historically recorded growth.

The same document highlights that the Sri Lankan Economy continued to grow in 2013, 2014, 2015 and 2016 at rates of 3.4%, 5.0%, 4.8% and 4.4%, respectively.

Unfavourable weather conditions and sluggish global economic recovery caused the economy to grow at a slower rate in 2016 in real terms.

The principal economic activities of the Sri Lankan economy are services, industry and agriculture. In 2016, Sri Lanka’s Gross Domestic Product (GDP) grew by 4.4%, following growth of 4.8% in 2015, 5.0% in 2014 and 3.4% in 2013. GNI grew by 4.1% in 2016 compared with a growth of 4.5% in 2015 and 5.1% in 2014.
Per capita GDP declined slightly to US$3,835 in 2016, compared to US$3,843 in 2015, representing a marginal decrease of 0.2%, while per capita GDP in 2014 was US$3,821.

Categories: FactChecked, True

Tagged as: