Western Province GDP share expands in worst currency crisis

Sri Lanka
By Editor_1
A general view of Sri Lanka's main business city as official data show the Western Province had increased its share of gross domestic product to 43.4% from 42.6% in 2022 - Dinuka Liyanawatte/ Reuters/File

COLOMBO – Sri Lanka’s Western Province had increased its share of gross domestic product to 43.4% from 42.6% in 2022 when the country suffered the worst currency crisis in the history of the central bank.

The steepest falls in shares were seen in the East and the North.

The Western Province has more services and industries allowing more value to be added.

“The strong presence of the Western Province is visible in most of the economic activities, especially in Services and Industry sectors,” the central bank said.

The North Western Province had increased the share to 11.2% in 2022 from 11.1% and Uva to 4.9% from 4.8%.

The Eastern Province’s share fell to 5.2% from 5.5% , the Northern Province to 4.1% from 4.2%, Southern to 9.1% from 9.2% , Sabaragamuwa to 7.1% from 7.2%.

“Services activities predominantly contributed to the economies of all the provinces. Accordingly, Southern (59.9%) and Western (58.5%) Provinces recorded the highest Services shares,” the central bank said.

“Regarding the Industry activities, the highest concentration was observed in the Western Province (34.4%), followed by North Western Province (32.0%).”

Sri Lanka’s central bank compiled the provincial share from nominal national (with inflation) GDP estimates made by the Department of Census and Statistics.

Nominal GDP grew to 24.1 trillion rupees from 17.6 trillion a year earlier as the currency collapsed from 200 to 360 to the US dollar, spurred by a surrender rule (strong side convertibility) in a failed attempt to float (suspend convertibility).

Point to point inflation rose as much 70%.

Sri Lanka suffered a series of currency crisis after the end of a 30-year war, due to deliberate rate cuts enforced with inflationary open market operations blowing holes in the balance of payments without a war.

After 2015 the process of printing money for growth or macro-economic policy got formalized as targeting ‘potential output’ as the International Monetary Fund (IMF) taught the central bank to calculate a supposed potential output which can be bridged by printing money.

The policy has been legalized in a new monetary law.

Sri Lanka was hit by the worst bout of deliberate macro-economic policy from 2020 when rates were cut with printed money and taxes were also cut, blowing the biggest holes in the BOP seen in the history of the central bank, as well as some of the worst trade and exchange controls since the 1970s.

-economynext.com

Editor_1
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