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Sri Lanka broadly on track to meet 2013 forecasts: ADB

The Asian Development Bank (ADB) in its latest update on the region's outlook has said that Sri Lanka ( http://www.adb.org/sites/default/files/ado2013-sri-lanka.pdf) appears to be broadly on track to meet forecasted growth.

The Asian Development Outlook (ADO) ( http://www.adb.org/publications/asian-development-outlook-2013-asias-energy-challenge) of the ADB released yesterday said it retains the April projection of GDP growth in 2013 at 6.8 % and in 2014 at 7.2%.

Retention of forecast of Sri Lanka is despite ADO downgrading the overall prospects for South Asia. It now estimates the region's overall growth to be 4.7%, down from 5.7% estimated previously. In 2012, the region grew by 5.1%. The ADO also has revised South Asia's growth in 2014 to be 5.5% down from 6.2% previously estimated.

ADO said growth in Sri Lanka started to recover in 2013 from a dip in 2012. Power generation. which can constrain economic activity, picked up in May to grow by 9.2% but dropped slightly in June. Imports recorded positive growth in April and June.

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