Sri Lanka has lowered its economic growth rate of 2014 to 4.5 per cent from the earlier 7.4 per cent.
The change in the base year from 2002 to 2010 and the methodology of calculation, according to a release issued by the Department of Census and Statistics (DCS) caused the drop.
With 2010 as the base year, the value of GDP at constant price was about Rs 64,13,668 mn, which went up to Rs 78,46,202mn in 2013 and last year, 81,95,979mn. The pace of growth, which was 8.4 per cent in 2011 and 9.1 per cent in 2012, slowed down subsequently with the rate being 3.4 per cent in 2013 and 4.5 per cent the next year, The Hindu said.
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