(MENAFN) The Asian Development Bank (ADB) stated that it has downgraded Sri Lanka's economic growth forecast for the current year to 6.5 percent, from earlier forecasts of 7.2 percent, reported Xinhua News.
The bank said that during the first quarter of 2012, the country's economic growth was at 7.9 percent, driven by strong industrial expansion, however, it decelerated notably to 6.4 percent in the second quarter, due to weak expansion in services, at 4.5 percent.
The ADB said that for next year, Sri Lanka's gross domestic product (GDP) is also revised down to 7 percent, from 8 percent.
It is worth noting that the bank has also cut its outlook for the whole South Asian sub region for 2012 and 2013 to 5.5 percent and 6.4 percent, respectively.
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