Prosperity Index show gains in North Western, Sabaragamuwa, Southern and Western provinces

Nov 19, 2018 (LBO) - Sri Lanka Prosperity Index (SLPI), increased to 0.771 in 2017 from 0.661 recorded in 2016, mainly due to improvements in ‘Economy and Business Climate’ and ‘Socio-Economic Infrastructure’ sub-indices, the Central Bank said in a statement.. Economy and Business Climate sub-index has improved during 2017, due to increase in per capita Gross Domestic Product (GDP) and enhancements of the aspects associated with employment. With regard to the sub-index of Socio-Economic Infrastructure, improvements to the road network with the extensions to the expressways, construction of bridges and flyover projects, availability of electricity facilities and improvements in pipe borne water quality were the key drivers, it added. Even though ‘Well-being of the People’ sub-index has declined during 2017 mainly due to the reduced levels of purity of environment and air quality, improvements were recorded in the aspects of availability of healthcare facilities, availability and quality of education, wealth of people and their engagement in entertainment activities. Provincial Prosperity Indices, compiled to measure the level of prosperity across provinces, increased in North Western, Sabaragamuwa, Southern and Western provinces. Meanwhile, enhancements in rankings could be observed in North Western and Sabaragamuwa provinces. Economy and Business Climate Sub-Index Economic and Business Climate sub-index has improved in five provinces namely, Central, Sabaragamuwa, Southern, Uva and Western mainly due to improvements in per capita GDP, high employment rate and increases in informal sector wages. Meanwhile, high provincial inflation rates, slight increases in unemployment levels, and decline in industry and banking density have been observed as key drivers for the subdued performance in Eastern, North Central, North Western and Northern provinces.
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Well-being of the People sub-index has improved only in Southern province, while declines were recorded in all other provinces. The improvement in Southern province was predominantly due to the higher performance in the aspects of availability and quality of education as well as in the measurement of wealth of people where vehicle ownership and access to super markets increased. The decline of this sub-index in the rest of the provinces, was mostly due to the adverse impact on the purity of environment caused by the dengue epidemic prevailed during 2017 and the low standards recorded in air quality, despite improvements in the aspects of availability of healthcare facilities, availability and quality of education, wealth of people and their engagement in entertainment activities.