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Land Price Index - First Half of 2017

In order to monitor the developments in the real estate sector, Central Bank of Sri Lanka (CBSL) has been compiling and analyzing several indicators. The bi-annual Land Price Index (LPI) which is compiled covering the Colombo District since 1998 is one of the indicators of this nature. In the compilation process of LPI, CBSL uses the land price data collected by the Valuation Department of Sri Lanka covering around 50 centers of five Divisional Secretariat (DS) divisions1 in the Colombo District. In view of the diverse nature of the land use and to maintain homogeneity, three indices for residential, commercial and industrial lands are computed separately. The overall LPI is computed by taking the average of these three sub-indices.

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Monetary Policy Review - No. 7 of 2017

Considering developments in the domestic and international macroeconomic environment, the Monetary Board, at its meeting held on 06 November 2017, was of the view that the current monetary policy stance is appropriate. Accordingly, the policy interest rates of the Central Bank of Sri Lanka will remain unchanged at their current levels.

The decision of the Monetary Board is consistent with the objective of maintaining inflation at midsingle digit levels over the medium term and thereby facilitating a sustainable growth trajectory. The rationale underpinning the monetary policy stance is set out below.

Clarification on Employment Numbers Referred to in the Central Bank Annual Reports

The Central Bank of Sri Lanka (CBSL) has observed media reports highlighting the employment numbers referred to in the CBSL Annual Reports of 2014, 2015 and 2016.

Subsequent to the Census of Population and Housing (CPH) 2012 conducted by the Department of Census and Statistics (DCS) covering the entire island, the Registrar General’s Department introduced changes to the Mid-Year Population Estimates (MYPE) and published a revised series. Accordingly, in July 2016, the Labour Force Survey (LFS) estimates were re-weighted by the DCS and a new series was published for data pertaining to the years from 2011 onwards. This is the general practice in all other countries and it maintains the consistency of LFS estimates with the revised MYPE.

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Provincial Gross Domestic Product - 2016

Provincial Gross Domestic Product (PGDP) for 2016 has been computed by the Statistics Department of Central Bank of Sri Lanka (CBSL), by disaggregating the nominal Gross Domestic Product (GDP) compiled by the Department of Census and Statistics (DCS). In the estimation of PGDP for the provinces, the value of each line item in GDP is apportioned using relevant indicators at provincial level.

In nominal terms the national GDP for 2016 was Rs. 11,839 billion recording a growth of 8.11 per cent and a per capita income of Rs. 558,363 (US$ 3,835). The overall performance of PGDP in 2016 follows the general trend of GDP of the country and developments in economic activities. The subdued performance of the agriculture activities contributed to the slower growth in provinces where agriculture remains a main economic activity. Even though the Western province continues to drive overall economic progress occupying 39.7 per cent of GDP, contributions from other provinces gradually increase with the expansion of regional economic bases.

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