February 22, 2019

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    Sri Lanka becomes more prosperous last year Featured

    November 17, 2018

    Sri Lanka has become more prosperous over the last year, according to an indicator introduced by the Central Bank of Sri Lanka to measure the level of prosperity of the country.The index comprises of three sub-indices, Economy and Business Climate, Wellbeing of the People and Socio-Economic Infrastructure.

    The Central Bank said yesterday that Sri Lanka Prosperity Index (SLPI), increased to 0.771 in 2017 from 0.661 recorded in 2016, mainly due to improvements in 'Economy and Business Climate' and 'Socio-Economic Infrastructure' sub-indices.

    It said Economy and Business Climate sub-index has improved during 2017, due to increase in per capita Gross Domestic Product (GDP) and enhancements of the aspects associated with employment.

    With regard to the sub-index of Socio-Economic Infrastructure, improvements to the road network with the extensions to the expressways, construction of bridges and flyover projects, availability of electricity facilities and improvements in pipe borne water quality were the key drivers.

    "Even though 'Well-being of the People' sub-index has declined during 2017 mainly due to the reduced levels of purity of environment and air quality, improvements were recorded in the aspects of availability of healthcare facilities, availability and quality of education, wealth of people and their engagement in entertainment activities," the Central Bank report added.

    When prosperity of the provinces is considered, the Western province remained at the leading position recording the highest value of 1.279, for the overall prosperity index, with an increase of 0.076 index points compared to 2016.

    Provincial Prosperity Indices, compiled to measure the level of prosperity across provinces, increased in North Western, Sabaragamuwa, Southern and Western provinces.

    Meanwhile, enhancements in rankings could be observed in North Western and Sabaragamuwa provinces.

    Economic and Business Climate sub-index has improved in five provinces namely, Central, Sabaragamuwa, Southern, Uva and Western mainly due to improvements in per capita GDP, high employment rate and increases in informal sector wages.

    Meanwhile, high provincial inflation rates, slight increases in unemployment levels, and decline in industry and banking density have been observed as key drivers for the subdued performance in Eastern, North Central, North Western and Northern provinces

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