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Sri Lanka has recorded a 6.4 percent growth in gross domestic product (GDP) for the year 2012, the Governor of the Central Bank Ajith Nivard Cabraal said.

The overall fiscal deficit was contained significantly below the previous year’s level, although it marginally exceeded the target in the budget, the Central Bank said in its Annual Report for 2012.

The slowdown in economic activity and the decline in imports had a negative impact on government revenue collection.

“However, by maintaining a tight rein on recurrent expenditure and scaling back on capital expenditure, the overall fiscal deficit was contained at 6.4 per cent of GDP, marginally above the targeted level of 6.2 per cent of GDP and significantly below the 6.9 per cent of GDP in 2011,” the report said.

The Central Bank also stated that the country’s inflation was maintained within single digit levels in 2012 for the fourth consecutive year.

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