Shehan Semasinghe not-challenged on the not-a-challenge, vis-à-vis revenue-to-GDP

To verify the above claim, FactCheck.lk consulted the Central Bank of Sri Lanka’s Weekly Indicators (CBSLWI) and Annual Report 2023 (AR23). The 13.1% budget target figure mentioned by the former MP includes grants. FactCheck.lk will therefore use the term revenue to mean including grants.
Data on revenue and GDP has only been published for nine months, not the full year. Historically, revenue-to-GDP percentage for the first nine months is seen to be a little lower than the percentage for the full year (see Exhibit 1). 
Therefore, to evaluate the former MP’s claim, FactCheck.lk set up the following benchmark criteria: Does the revenue-to-GDP percentage in the first nine months of 2024 meet or exceed the annual target for the same? If so, it can be reasonably concluded that achieving the annual target could be seen as “not a [significant] challenge”, based on the historical pattern cited above.

Sri Lanka collected LKR 2,928 billion in revenue against a GDP of LKR 22,176 billion in the first nine months of 2024. This resulted in a revenue-to-GDP percentage of 13.2% for the first nine months. The annual target was 13.1%. This shows that the revenue-to-GDP percentage in the first nine months exceeded the benchmark criteria explained above. That means, it is reasonable to expect that the year-end revenue-to-GDP percentage will meet or exceed the budgeted 13.1% target. 
Therefore, FactCheck.lk classifies the former MP’s claim as TRUE.
*FactCheck.lk’s verdict is based on the most recent information that is publicly accessible. As with every fact check, if new information becomes available, FactCheck.lk will revisit the assessment.

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