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Nothern Province record highest GDP
The Northern Province has recorded the highest growth last year reflecting the rapid expansion in income generating activities in the Province.
According to the statistics released by the Central Bank on Tuesday on the Provincial Gross Domestic Product - 2010, the Northern Province recorded a GDP growth rate at 22.9 percent against a 12.1 percent growth for 2009.
The Province's contribution to GDP also increased from 3.2 percent in 2009 to 3.4 percent in 2010.
In 2010 the overall GDP at current prices grew by 15.9 percent from Rs. 4.835 trillion in 2009, and reached 5.602 trillion with a per capita income of Rs. 271,259 equivalent to US$ 2,399.
In line with improvements in country's economic environment, all the provinces have reported a double digit growth rate in 2010, the Bank said.
As expected the Western Province, where most of the economic activities centered, made the highest contribution of Rs. 2.525 trillion to GDP in 2010. However its share in GDP reduced to 45.1 percent from 45.8 percent in 2009. The slight reduction in the contribution, however, points to further reduction in disparity among provinces, the Bank noted. Coming in second Southern Province recorded a sharp growth from 9.5 percent in 2009 to 17.9 percent in 2010 due to the increased economic activities associated with the construction of a new port and an airport in Hambanthota district.
The Central Province provided the third highest contribution maintaining its relative position compared to 2009 and managing to increase its GDP contribution to 10.0 percent in 2010. The Eastern Province, which had also been affected by war, came fourth with a growth of 18.7 percent.
However, the contribution of the North Western province declined to 9.4 percent in 2010 from 9.6 percent in 2009 although GDP growth rose from 6.3 percent in 2009 to 13.2 percent this year.
The contributions to GDP from Northern, Eastern, North Central, and Sabaragamuwa provinces increased marginally in 2010 while that of the Uva province was unchanged. The Services Sector dominated the sectoral contributions to the GDP from all the provinces. The contribution from the service sector increased in the Western, Eastern, and North Central provinces but declined in all other provinces during 2010.
The contribution of the agriculture sector to GDP of the Western, Uva and Sabaragamuwa provinces increased in 2010 compared to 2009, while that of the other provinces decreased.
The contribution from the industry sector declined in the Western, Eastern, Uva and Sabaragamuwa provinces in 2010 but expanded in the other provinces.
Courtesy: PRIU