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CENTRAL BANK OF SRI LANKA Communications Department 30, Janadhipathi Mawatha, Colombo 1. Tel : 2477424, 2477639,2477420 Fax : 2346257, 2477739 E-mail:[email protected]; [email protected] PRESS RELEASE Date: 2007-06-27 Issued By: Statistics Department Provincial Gross Domestic Product – 2006 The Gross Domestic Product (GDP) of the country in 2006 grew by 18.4 per cent, in nominal terms, reaching Rs. 2,484 billion with per capita income amounting to Rs. 126,306. The distribution of the GDP among provinces shows that contribution to GDP at provincial level was largely concentrated in the Western Province with a slight decline from the year before. During the year, the Western Province recorded a growth of 16.8 per cent in current terms, contributing 50.1 per cent to the total GDP compared to 50.8 per cent in 2005. The dominance of Western Province in economic activity is a consequence of having major infrastructure centres such as ports and airports, financial houses, major import and export organizations and other service providing establishments including telecommunication. Taking into account the size of provincial population, per capita value added in Western Province was 1.8 times the national average. In contrast, all the other provinces had per capita value added below the country average, ranging between 0.8 in the North Western Province and 0.5 in the Northern Province. The four neighbouring provinces to the Western Province viz. North Western, Southern, Sabaragamuwa and Central Provinces jointly grew by 21.7 per cent, more than the growth in the Western Province, while maintaining a share in the national GDP at around 34 per cent. This region was responsible for 59 per cent of the total agricultural value added of the national economy. As in the rest of the country, the growth in the region was largely driven by the expansion of Services sector contributing around 55 per cent of the growth in the region, while Agriculture sector accounting for a quarter of the growth and the industry sector contributing the balance 20 per cent. Of these four provinces, the North Western and Southern provinces contributed 9.3 per cent each to the national GDP while Central and Sabaragamuwa provinces added 8.8 per cent and 6.2 per cent, respectively. The outer most four provinces from the Western Province namely, the Eastern, Uva, North Central and Northern provinces, contributed less than 5 per cent each to the national economy. These four provinces collectively recorded a growth of 17.0 per cent, of which 67 per cent was contributed by expansion of the services sector followed by Industry and Agriculture sectors contributing 27 per cent and 6 per cent, respectively. The data reveal the continuing income disparity in the provinces, which needs to be addressed through concerted efforts by the provinces. Some of such efforts are attracting foreign direct investment in to the provinces, developing infrastructure, establishing activities that would attract both international and domestic tourists and generate opportunities for higher degree human capital development. Table 1 National Northern North Central Eastern Uva Central Southern Sabaragamuwa Province North Western Westernn Year Provincial GDP at Current Factor Cost Prices – 2005 and 20061 2005 1,065,154 186,487 187,456 133,278 177,539 95,063 99,239 90,727 63,063 2,098,004 2006 1,243,652 231,975 230,491 153,095 217,844 114,843 117,192 102,378 72,722 2,484,191 GDP growth 2005 15.1 21.9 17.0 16.4 7.3 24.0 13.6 38.5 19.0 16.5 % 2006 16.8 24.4 23.0 14.9 22.7 20.8 18.1 12.8 15.3 18.4 2005 50.8 8.9 8.9 6.4 8.5 4.5 4.7 4.3 3.0 100.0 % 2006 50.1 9.3 9.3 6.2 8.8 4.6 4.7 4.1 2.9 100.0 Contribution 2005 47.1 11.3 9.2 6.3 4.0 6.2 4.0 8.5 3.4 100.0 to growth % 2006 46.2 11.8 11.1 5.1 10.4 5.1 4.6 3.0 2.5 100.0 Per capita 2005 1.79 0.78 0.74 0.67 0.66 0.72 0.60 0.74 0.52 1.00 income ratio 2006 1.76 0.82 0.77 0.65 0.68 0.73 0.60 0.70 0.51 1.00 GDP Rs.Mn. GDP share 1 Provisional Source: Central Bank of Sri Lanka