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11 January, 2016 09:10 AM Source: Financial Times - Sri Lanka
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The country’s Balance of Payments deficit has swelled to $ 2.33 billion during the first 10 months of 2015 in comparison to a surplus of $ 1.76 billion in the corresponding period of the previous year.

Lower exports and higher imports leading to an increase in trade deficit, lower foreign remittances and higher outflows were some of the causes for the widening Balance of Payments deficit.

The first 10 months’ trade deficit for 2015 rose by 2.5% to $ 6.93 billion though in October the deficit contracted by 6.8% to $ 791 million.

Foreign exchange inflows from workers’ remittances at $ 605.1 million in October 2015 recorded a marginal increase of 0.8% compared to $ 600.1 million in October 2014. Workers’ remittances during the first ten months of the year grew by 1.7% to $ 5.78 billion.

Reflecting the growth trend observed in tourist arrivals, earnings from tourism also registered a significant growth of 20.4% (year-on-year), to $ 229.5 million in November 2015. The cumulative earnings from tourism during the first 11 months are estimated to have increased by 18% to $ 2.53 billion.

Foreign investments in the government securities market recorded a net outflow of $ 1.1 billion during the first 11 months of 2015 compared to a net outflow of $ 104.5 million during the corresponding period of 2014.

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