Economy grows by 4% – mid-year report

The economy grew by four percent according to the Ministry of Finance’s 2019 mid-year report.

As a result, the Government has revised the growth projections for this year upwards to 4.5 per cent.

The report, which was presented to the media this morning, credited the growth to expansions in sectors such as rice, forestry, gold, manufacturing, construction, wholesale and retail trade and financial and insurance activities.

The Ministry said there has been a 5.7 percent increase in private sector credit driven by significant increases in real estate mortgages as well as loans to business persons and enterprises.