Sri Lanka's Central Bank said it has missed its fiscal deficit target and reversed its falling trend in 2014, due to a fall in revenue and higher government expenditure, Reuters reported.
The 2014 fiscal deficit hit 6% of GDP, much higher than the 5.2% forecasted, as it reversed its declining trend for the first time since 2009, central bank data showed. It rose from the previous year's 5.9%.
"Contrary to expectations, the continued decline in revenue ... led to an increase in the overall fiscal deficit to 6% of GDP in 2014," the central bank said.
Sri Lanka’s economic growth to decline, more FDI required – World Bank (16 April 2015)
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