Official Web Site of Namal Rajapaksa » Blog Archive » Economy expands at the fastest pace in 5 qtrs.

Economy expands at the fastest pace in 5 qtrs.

Posted by admin | Filed under News

The country’s economy expands at the fastest pace in five quarters as the Government stepped up spending on new roads and ports after the end of the war and the Gross Domestic Product rose 6.2 percent in the three months ending December 31 from a year earlier after gaining 4.2 percent in the previous quarter.

The President has already pledged to spend one Billion Dollars on ports, roads and power plants this year, the Statistics Department sources said.

Sri Lankan exports rose 6.4 percent in December to $723.4 million after a yearlong decline. Peace has prompted foreign companies to start operations in the island’s northern and eastern areas that were earlier under the control of the Tigers.

Sri Lanka plans to invite overseas and local companies this month to set up business in a new USD 550 million tax-free port zone in the island’s south. The country is also seeking foreign investors to help build a new terminal in Colombo port, sources added.

Permalink | April 5th, 2010