Central Bank releases Provincial GDP figures for 2014

29 October 2015 06:30 pm - 0     - {{hitsCtrl.values.hits}}

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The Provincial Gross Domestic Product (PGDP) for 2014 has been computed by the Statistics Department of Central Bank of Sri Lanka (CBSL), based on the desegregation of the rebased (2010 constant prices) series of National Accounts estimates by the Department of Census and Statistics (DCS). 

In the estimation of PGDP, the value of each line item in GDP (base year 2010) is apportioned using relevant indicators at provincial level. 

The Sri Lankan economy reached an annual real GDP growth of 4.5 percent in 2014, while the nominal GDP recorded a growth of 7.3 percent to Rs. 10,292 billion. The desegregation of nominal GDP across provinces is given in Table 1.




Provincial GDP Shares 
Continuing the trend observed in the recent past, the share of the Western province in the GDP moderated further in 2014 reducing disparities between provinces. 

However, the Western province remained the frontrunner providing the highest contribution of 42.0 percent to GDP in 2014, as in previous years. 

The Southern province accounted for the second highest contribution of 10.8 percent in 2014, compared to 10.4 percent in 2013. The third highest contribution of 10.7 percent was recorded in North Western province in 2014 and the contribution from Central province was 10.4 per cent. 

The contributions of the Sabaragamuwa and Eastern provinces decreased by 0.1 percent each to 6.7 per cent and 5.8 percent, respectively, in 2014. 

Compared to 2013, North Central provincial GDP contribution increased to 5.1 per cent in 2014 from 5.0 per cent in 2013. Likewise, Uva province contribution also increased from 4.9 per cent in 2013 to 5.0 per cent in 2014. The Northern province contributions in 2014 was 3.6 per cent compared to 3.5 per cent in 2013.


Provincial GDP growth rates 

Reflecting the overall developments taking place in the country’s economic environment, all provinces recorded healthy nominal growth rates in their PGDP in 2014, ranging in between 5.9 percent to 11.1 percent. 

The Southern province recorded the highest growth rate of 11.1 per cent followed by North Western province which recorded a 9.3 per cent of nominal growth rate in 2014. Further, in 2014, the North Central, Uva and Northern provinces grew by 8.7, 8.5 and 8.3 per cent, respectively. The Western province recorded a nominal growth rate of 5.9 per cent in 2014.


Sectoral contributions to PGDP 
The sectoral contribution to PGDP of the provinces is given in Table 2. 

Considerable variations in the structure of the PGDP can be observed across the provinces in 2014. 

The agriculture sector accounted for 2.1 percent of the GDP in the Western province in 2014, whereas it accounted in the range of 11.3 to 17.2 percent of the GDP in the other provinces. 

The contribution of the Agriculture sector to the PGDP increased in Central, Southern and North Central provinces in 2014, while the same decreased in all the other provinces. The Industry sector contribution to PGDP decreased or remained unchanged in 2014 in all provinces except Northern and North Western provinces. 

In 2014, the largest contribution to PGDP from industry sector was observed in the Western province and the lowest from the Northern province. The services sector was the most dominant sector accounting for between 55.2 percent and 67.0 percent of the PGDP in different provinces in 2014. The contribution from the services sector decreased marginally in the Southern and Northern provinces, but increased in all other provinces during 2014.
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