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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: 25-05-2007 Issued By: Statistics Department Compilation of National Income in Sri Lanka Sri Lanka’s National Income is compiled by the Central Bank of Sri Lanka (CBSL) based on the guide for the compilation of the National Income of the United Nations’ System of National Accounts, which is followed by all countries in the world. There are three major approaches of compilation of national income accounts i.e. production approach, expenditure approach and factor income approach. The CBSL has been consistently compiling the national accounts using the first two approaches. In the production approach, data in Agriculture and Industry are compiled by using information obtained by Statistical Officers stationed in all the districts of Sri Lanka by the Department of Census and Statistics. In addition, data independently collected by the CBSL through a network of data collectors is used to verify the accuracy of data compiled by the Department of Census and Statistics. Production data are further verified by comparing the usage of inputs such as fertilizer, utilities such as electricity and other raw material. In the Services Sector, production data is compiled using the information that is mainly available with Head Offices of service providers. Many of these Head Offices are located in Colombo and they provide an accurate account of services provided to the entire country. In the expenditure approach, all major variables, i.e. consumption, investment, government expenditure, exports and imports are compiled for the entire country. Data sources are the various surveys conducted by the CBSL, and data available with both private and public sector institutions. Recent data on National Income showed that the Sri Lankan economy grew by 7.4%. Such growth is the aggregate growth of the economy encompassing all provinces. The Province-wise data available for 2005 shows that the Western Province accounted for 51% of GDP whereas the GDP contribution of other Provinces are shown in the following table. Distribution of Gross Domestic Product at Current Factor among Provinces Cost Prices 2005 Province Per Cent (%) Western 50.8 North Western 8.9 Southern 8.9 Sabaragamuwa 6.3 Central 8.4 Eastern 4.8 Uva 4.4 North Central 4.3 Northern 3.1 Total 100.0