Monday, 04 November 2019 06:08

Sri Lanka’s economy not so rosy on the eve of Presidential poll

Sri Lanka’s economic indicators were not so rosy during the week ending last Friday 01 November 2019 almost two weeks before Presidential elections.

Moreover, fixed investment contracted sharply as business prospects in the doldrums. Conversely, government consumption growth picked up notably, while exports growth was robust.

The year-on-year CCPI headline inflation increased to 5.4 per cent in October 2019 from 5.0 per cent in September 2019, Central Bank announced.

By 1 st November 2019, the All Share Price Index (ASPI) has increased by 1.63 per cent to 6,032.1 points and the S&P SL 20 Index increased by 1.87 per cent to 2,990.3 points, compared to the previous week.

Weekly AWPR for the week ending 01st November 2019 increased by 15 bps to 10.44 per cent compared to the previous week.

During the period, crude oil prices showed a declining trend.. Overall, both Brent and WTI prices decreased by US$ 2.2 per barrel within the period.

The total outstanding market liquidity was a surplus of Rs. 0.789 bn by end of the week, compared to a deficit of Rs. 1.804 bn by the end of last week.

The reserve money decreased compared to the previous week mainly due to the decrease in currency in circulation..

During the year up to 01st November 2019 the Sri Lanka rupee appreciated against the US dollar (0.8 per cent).

The gross official reserves were estimated at US dollars 7,635.3 mn as at 30th September 2019.

(LI)

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