Sri Lanka Equity Forum
Dear Reader,

Registration with the Sri Lanka Equity Forum would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
Sri Lanka Equity Forum
සිංහල පරිවර්තනය
Latest topics
» GEMS in AUGUST & SEPTEMBER
by Ran49 Yesterday at 9:17 pm

» Share Transaction Fee Structure To Be Revised
by niru Yesterday at 2:34 pm

» KZOO-Be Careful
by Eugine Fernando Yesterday at 1:43 pm

» DIMO...................... DIMO
by AbhiSanSL Yesterday at 8:17 am

» Crossing the One Billion mark in PBT –a fulfilling moment for Senkadagala Finance PLC
by AbhiSanSL Yesterday at 8:15 am

» Watawala posts top profit among Plantation companies for 2016/17 Oil palm earnings accounts for 83% of profit
by AbhiSanSL Yesterday at 8:05 am

» What will be the impact of US-India 3 Billion USD Deal
by reyaz Yesterday at 5:30 am

» Need a help regarding SUVs...
by kovida Yesterday at 1:26 am

» lanka-ashok-leyland-records-revenue-growth
by AbhiSanSL Sat Jun 24, 2017 2:25 am

» KZOO - WHAT WOULD BE THE RIGHT TRADING PRICE ON THE 13TH JUNE
by ruwan326 Fri Jun 23, 2017 7:32 pm

» Any News on RICH........
by Teller Fri Jun 23, 2017 5:48 pm

» Good news - CB will keep rates unchanged
by TARGET Fri Jun 23, 2017 4:22 pm

» CLATEX DIVIDEND
by suddera Fri Jun 23, 2017 4:00 pm

» COMB BANK RIGHTS ISSUE
by Top Trader Fri Jun 23, 2017 3:11 pm

» Stay away from OFEQ
by ruwan326 Fri Jun 23, 2017 12:41 pm

» CITK & CITW
by Eugine Fernando Fri Jun 23, 2017 12:15 pm

» Game will start with SEMB
by man123 Fri Jun 23, 2017 11:41 am

» Plz any1 tell me about WAPO and SEYB.X
by dumifer Fri Jun 23, 2017 10:53 am

» FOR YOUR ATTENTION
by ruwan326 Fri Jun 23, 2017 7:22 am

» ALUM COMMUNITY
by ruwan326 Fri Jun 23, 2017 6:34 am

» Will HARRY JAYAWARDENA lose his entire business helm
by soileconomy Thu Jun 22, 2017 6:02 pm

» Sri Lanka Royal Ceramics increasing production of porcelain tiles
by DS Wijesinghe Thu Jun 22, 2017 3:49 pm

» VONE Net Assets per Share Rs. 38
by nirowat Thu Jun 22, 2017 3:27 pm

» POLICY RATE UNCHANGED??
by worthiness Thu Jun 22, 2017 9:50 am

» Sri Lanka’s Lanka Ceramics diversifies into quartz, palm oil
by Harry82 Thu Jun 22, 2017 6:35 am

» CSEC and CFVF
by Teller Wed Jun 21, 2017 11:20 pm

» LIOC Future in AUGUST
by Ran49 Wed Jun 21, 2017 10:28 pm

» GRAN touch 175 tommorrow
by Light of Hope Wed Jun 21, 2017 9:17 pm

» KZOO & CSE @ITS BESTවිලී ලජ්ජාවේ, සංතොසේ බැහැ
by ruwan326 Wed Jun 21, 2017 6:30 pm

» SRI LANKA FINANCE SECTOR - HOLD - Mar 2017 - FC Research
by stockback Wed Jun 21, 2017 12:15 pm

» COCR will be star in next ASI Run
by stockback Wed Jun 21, 2017 11:39 am

» keep eye on MRH...
by samansilva Wed Jun 21, 2017 10:52 am

» CIFL--- BE CAREFUL
by Eugine Fernando Wed Jun 21, 2017 10:50 am

» KZOO.N IS IT GOING TO BE ANOTHER WAPO
by ruwan326 Wed Jun 21, 2017 9:57 am

» any one can tell, whats going on in anilana hotels?
by sumanasiri Tue Jun 20, 2017 4:57 pm

» What will happned to REEF after RESTRUCTURED
by sumanasiri Tue Jun 20, 2017 12:04 pm

» WHAT HAPPENED TO Rs185/= KAZOO RIGHTS
by Miss-Sangeetha Tue Jun 20, 2017 11:02 am

» Will JKH touch Rs. 180
by worthiness Tue Jun 20, 2017 11:00 am

» JKH to sell their stake in Cinnamon Lake?
by Steve Jansen Tue Jun 20, 2017 9:39 am

» FLCH Browns Capital
by thankrishan Tue Jun 20, 2017 8:47 am

» AGST recorded huge loss
by Teller Tue Jun 20, 2017 2:53 am

» Will AINV.N go up or will go further Down
by Teller Tue Jun 20, 2017 12:58 am

» RENUKA CAPITAL PLC-Fomer KZOO
by ruwan326 Mon Jun 19, 2017 6:58 pm

» Why CITK and CITW Moving.
by Kashyapa Senarathne Mon Jun 19, 2017 1:57 pm

» FLCH WILL HIT 3.50
by thankrishan Mon Jun 19, 2017 10:07 am

» VONE.N0000 HOT SHOT .DON'T HESITATE
by ruwan326 Mon Jun 19, 2017 6:49 am

» LOFC Day Chart (MACD Position)
by stockback Sun Jun 18, 2017 5:42 pm

» TAP....TAP.......TAP............
by Richman Sun Jun 18, 2017 2:38 pm

» Sri Lanka: John Keells Holdings trying to advise SL Government to eliminate Global Booking Engines such as Agoda, Yohobed, Booking.com, TripAdvisor, FindMyFare, Expedia and AirBnB from Sri Lanka
by ruwan326 Sun Jun 18, 2017 9:17 am

» Teejay Jersey Lanka PLC - Depreciated Rupee had a very positive impact
by kumarweerarathne Sat Jun 17, 2017 7:36 pm

» Sri Lanka: Don't Panic - Year to date Foreign inflow to CSE Tops Rs. 20 billion but Some Local Big Investors are purposefully selling to bring down the market
by ruwan326 Sat Jun 17, 2017 11:35 am

» Any idea on cable industry - KCAB, ACL, SIRA
by wallstreetguy Fri Jun 16, 2017 6:43 pm

» What will happen to the CIFL.N
by Neluka Karannagoda Fri Jun 16, 2017 6:19 pm

» Sri Lanka: World's largest stock Manipulator Raj Rajaratnam's trainee Now John Keels Leisure Sector Executive Director Krishan Balendra tries to disrupt Tourism Startups in Sri Lanka by marketing about Tax Loss to government
by Mark Levin Fri Jun 16, 2017 1:45 pm

» LOLC is going to hit 150 Very Soon
by kovida Fri Jun 16, 2017 12:13 pm

» look @ the dock,it can go up
by sumanasiri Fri Jun 16, 2017 11:17 am

» සමාගමක කොටස් ගත්තහම අපිට මොනවද හම්බෙන්නේ
by sumanasiri Fri Jun 16, 2017 10:57 am

» CFVF,CSEC,CINV CAN MOVE UP TIME TO ENTER
by sumanasiri Fri Jun 16, 2017 10:49 am

» GREG Possible to move at least Rs 14 every soon.
by Light of Hope Fri Jun 16, 2017 8:48 am

» MBSL MOVING UP....!
by wisdom79 Thu Jun 15, 2017 7:30 pm

» ABANS FINANCE PRODUCES NINE MULTI MILLIONAIRES
by fortuneteller Thu Jun 15, 2017 5:50 pm

» KZOO right paper
by ruwan326 Thu Jun 15, 2017 5:27 pm

» Abans group and the budget
by fortuneteller Thu Jun 15, 2017 4:36 pm

» Abans Group
by fortuneteller Thu Jun 15, 2017 4:34 pm

» BPPL Moving on
by kovida Thu Jun 15, 2017 2:13 pm

» How to access the my post topics/ Past posts in this forum
by CSE VIJAY Thu Jun 15, 2017 2:02 pm

» VONE will Hit Soon with Anual Report
by Elahara Thu Jun 15, 2017 11:35 am

» LOFC Chart 28.04.2017 (weekly chart)
by TraderCSE Thu Jun 15, 2017 11:12 am

» BFN 18+ guaranteed
by DS Wijesinghe Thu Jun 15, 2017 10:22 am

» Next week is Millionaires week
by anjelo Thu Jun 15, 2017 9:17 am

» SLND ANY IDEA
by tharanga1979 Thu Jun 15, 2017 8:41 am

» Very bullish market
by Hanoifortune Thu Jun 15, 2017 8:20 am

» PHAR ANY NEWS?
by Teller Thu Jun 15, 2017 12:26 am

» ASCO trending with LAND & Property
by Richman Wed Jun 14, 2017 9:59 pm

» VPEL ready to Run
by Teller Wed Jun 14, 2017 8:10 pm

» SFIN _DIVDEND
by Teller Wed Jun 14, 2017 8:09 pm

» AINV.N will move up soon
by Teller Wed Jun 14, 2017 8:06 pm

» Lotteries boards under foreign ministry
by Teller Wed Jun 14, 2017 8:03 pm

» CFVF.N Started Running
by Light of Hope Wed Jun 14, 2017 7:45 pm

» Any idea on odel?
by fortuneteller Wed Jun 14, 2017 4:52 pm

» HARI- HARISCHANDRA MILLS - CAPITALIZATION OF RESERVES
by Saman12 Wed Jun 14, 2017 11:12 am

» SEMB-Can give good Short Term Returns
by Agape Wed Jun 14, 2017 10:22 am

» BFL Result
by Deen79 Tue Jun 13, 2017 3:43 pm

» Save Money | The Game Plan
by tkc Tue Jun 13, 2017 11:37 am

» GRAN COMMUNITY
by sharemarket Tue Jun 13, 2017 10:26 am

» Foreign buying & selling
by yasbawi Tue Jun 13, 2017 8:32 am

» He says it's coming
by ruwan326 Tue Jun 13, 2017 7:21 am

» SFIN UPDATE
by thankrishan Mon Jun 12, 2017 4:38 pm

» When will be the right issue of AINV.N
by Neluka Karannagoda Mon Jun 12, 2017 12:28 pm

» Browns to sell 5 hotels
by reyaz Mon Jun 12, 2017 8:38 am

» Climate Change & SL Corporate sector. Are we ready?
by reyaz Mon Jun 12, 2017 8:32 am

» Tamil Translation - ஸ்டாக் மார்க்கெட் பேச்சு
by Quibit Mon Jun 12, 2017 8:07 am

» Sri Lanka Equity - සිංහල පරිවර්තනය
by Quibit Mon Jun 12, 2017 7:48 am

» TJL COMMUNITY
by samcader Sun Jun 11, 2017 8:46 pm

» CSE to include non-voting shares in IMC calculation
by Eugine Fernando Sun Jun 11, 2017 8:29 pm

» TKYO.N0000 What behind it ?
by saliya1000 Sun Jun 11, 2017 8:59 am

» TYRE COMMUNITY
by saliya1000 Sun Jun 11, 2017 8:21 am

» KZOO POSSIBLE FOR SUB-DIVISION OF SHARES BY 100
by ruwan326 Sat Jun 10, 2017 7:54 am

» Why is there more demand for PCH.N than PCP.N ?
by Neluka Karannagoda Fri Jun 09, 2017 12:31 pm

Statistics
We have 20021 registered users
The newest registered user is CooperOr

Our users have posted a total of 325172 messages in 49954 subjects
Poll

SLEF Market Sentiment Indicator

73% 73% [ 1135 ]
27% 27% [ 422 ]

Total Votes : 1557

The US $ 1.5 Billion Or Rs. 231 Billion Mega ‘Growth Scam’ In Sri Lanka Committed By 2016 "Good Governance' Government - Is It Equal to the amount Yahapalanaya is receiving from IMF?

View previous topic View next topic Go down

The US $ 1.5 Billion Or Rs. 231 Billion Mega ‘Growth Scam’ In Sri Lanka Committed By 2016 "Good Governance' Government - Is It Equal to the amount Yahapalanaya is receiving from IMF?

Post by MalcolmTurnbull on Tue May 16, 2017 3:15 pm


May 16, 2017 2:19 AM ET|Includes: 


Courtesy: - http://www.ft.lk/article/615333/The-Rs--231-billion-mega--growth-scam--

Link: 
https://seekingalpha.com/instablog/48401527-josephmark/4989620-us-1_5-billion-rs-231-billion-mega-growth-scam-sri-lanka-committed-2016-good-governance

Dubious adjustment made to 2015 nominal GDP in order to push up 2016 growth rate from 2.2% to 4.4%
GDP of 231 billion pertaining to 2015, "accounted" for in 2016
GDP deflator misused to "adjust" growth rates for 2014, 2015 and 2016
Creative "adjustments" make a mockery of the computation of GDP in Sri Lanka and may lead to further loss of investor confidence
The Government recently announced that the economic growth for 2016 was 4.4%. Considering the steadily-deteriorating macro-fundamentals throughout 2015 and 2016, many were surprised about this officially reported growth figure, since such figure did not seem to be in sync with the country's other connected macro-indicators.






With the release of the Central Bank Annual Report for 2016 (AR 16), the supporting data and information has been made available in the public domain, and therefore the underlying numbers and logic in respect of the computation of growth for the year 2016 could now be critically analysed. Consequent to such a detailed study, many shocking facts and data have come to light which suggest that several instances of gross manipulation of figures and data have apparently taken place with the probable intention to "window-dress" the growth numbers for the years 2016, 2015 and 2014 in order to portray the present administration in a more favourable and beneficial light.


As per AR 16, the Gross Domestic Product at Current Market Prices for 2016 has been reported at Rs. 11,839 billion, while the GDP at CMPs for 2015 has been stated at Rs. 10,952 billion. Accordingly, the increase in GDP at CMPs for 2016 has been reported as Rs. 887 billion, which is a percentage increase of 8.1%. Thereafter, by deducting the reported GDP deflator of 3.6% and making a further adjustment of 0.1%, real growth for 2016 has been reported as 4.4%.


It would be observed however, that the GDP at CMPs for 2015 as per the Central Bank Annual Report for 2015 (AR 15) was Rs. 11,183 billion, which was Rs. 231 billion higher than the value of Rs. 10,952 billion used in the 2016 GDP computation. Accordingly, if the GDP at CMPs for 2015 as per AR 15 (the "base" value for the computation of the 2016 growth rate) had not been revised by this initial "adjustment", the increase during 2016 would have been only Rs. 656 billion. (i.e, 11,839-11,183). In that event, the percentage increase in GDP at CMPs in 2016 would have been only [(656÷11,183) x 100], or 5.9%. From such figure, had the GDP deflator of 3.6% and a further adjustment of 0.1% been deducted, the Real Growth for 2016 would have been only 2.2%. The details of such computation are set out in Table 1.


As per the computation at Table 1, it would be seen that the "creation" of the higher growth rate for 2016 was achieved through the convenient "shifting" of Rs. 231 billion of GDP at CMPs from 2015 to 2016. However, such adjustment, in turn, also reduced the GDP at CMPs for 2015 from Rs. 11,183 billion to Rs. 10,952 billion, which would have meant that the GDP at CMPs for 2015 would have suffered a reduction of the identical amount, causing a sizeable dent to the 2015 growth numbers. Therefore, in order to at least partially offset such reduction so as to avoid attention to the exercise, another "creative" downward revision seems to have been made to the GDP at CMPs for 2014 as well.
This second "adjustment" was to reduce and re-state the GDP at CMPs for 2014 from Rs. 10,448 billion as per the AR 15, to Rs. 10,361 billion in AR 16. This move, in turn, resulted in the GDP at CMPs for 2014 reducing by LKR 87 billion, and adding such value to the GDP at CMPs for 2015. Accordingly, this second "adjustment" served to partially compensate the reduction suffered by the GDP at CMPs for 2015 due to the initial "adjustment".


However, it would have been known that these ad hoc changes to the GDP at CMPs values for 2014 and 2015, (while serving to achieve the important outcome of higher growth for 2016), would have also led to some new issues, since those changes would have resulted in the growth figures for 2015 and 2014 having to be revised downwards quite significantly. In fact, if only the above mentioned first and second "adjustments" had been carried out, the real growth for 2015 would have crashed from 4.8% (as announced in AR 15) to 3.6%, while the real growth for 2014 would have plunged from 4.9% (as announced in AR 15) to 4.1%. Hence, a third "adjustment" has been introduced in order to maintain, or at least closely match, the already announced growth rates for 2015 and 2014, so as to not draw too much attention towards the first and second "adjustments". It is probably that necessity that led to the third "adjustment", which was to materially change the GDP deflator for the years 2014 and 2015, with retrospective effect!


The 'GDP deflator'


The 'GDP deflator' is an economic measure of inflation and is derived by dividing the nominal GDP by real GDP. It is a vitally-important measure because the nominal GDP includes inflation, while real GDP does not. Since the GDP deflator measures the difference between real GDP and nominal GDP, it is often considered a more accurate measure for price inflation, and economists Untitled-1generally prefer this ratio because, unlike pure price indices, (e.g., CPI), the GDP deflator is not based on a fixed basket of goods and services which could change with people's consumption and investment patterns.
In fact, for the GDP deflator, the "basket" for each year is the total set of all goods that are produced domestically, weighted by the market value of the total consumption of each of such goods. Naturally therefore, the GDP deflator, like the values for inflation, is a very important economic measure that needs to be computed with utmost care, consistency and professionalism, and is not a measure that should to be trifled with, or changed at anyone's whims and fancies.
Sadly however, over the past two years, such respect has not been accorded to the GDP deflator, and this fact is evident from Table 2 which sets out the GDP at CMPs, CCPI as per the ARs, and the changing GDP deflators as per the AR 14, AR 15 and AR 16.


A study of Table 2 clearly reveals that the GDP deflator has been liberally adjusted in 2014, 2015 and 2016, notwithstanding the fact that even a slight change to the value of the GDP deflator would have a tremendous impact on the country's real growth rate for the different years. At the same time, it would also be noted that those who were quite casually "adjusting" the value of the GDP deflator took care not to revise or adjust the average CCPI, possibly because any change to the familiar inflation rate would have led to a serious public discourse and undue attention.


From Table 2, it would be seen that as per AR 15, the GDP deflator for 2011 had been slashed from 7.9% to 3.8%, while the average CCPI has remained unchanged at 6.7%. For 2012, the GDP deflator had been increased from 8.9% to 10.8%, while the average CCPI has remained unchanged at 7.6%. For 2014, the GDP deflator had been reduced from 5.1% to 3.9%, while the average CCPI for that year has remained unchanged at 3.3%. Through all these major upward or downward adjustments to the GDP deflator which resulted in major upheavals in the Real Growth rates for 2010, 2011, 2012, 2013 and 2014, the only explanation given to justify the change was a tiny six-point font 'foot-note' which stated: "This series has been computed by splicing several series of implicit GDP deflators obtained with different base years. Hence, it would differ from a series compiled using the current and constant values of GDP".


As already stated, the GDP deflator is essentially a broader measure of inflation and since the CCPI is also a measure of inflation in Sri Lanka, it stands to reason that if for some reason, the GDP Deflator needed to be adjusted, the same reason would have been equally valid to effect a revision or adjustment to the CCPI figures as well. Hence, if no adjustment had been effected to the CCPI figures, it would be very difficult to justify a huge change in the GDP deflator. Such logic leads to the inevitable conclusion that the change to the GDP deflator was effected to achieve some other ulterior purpose, and not to fulfil a professional objective or to rectify some major error. Further, it is untenable to claim that the GDP deflator could be affected by the splicing of the nominal GDP, and hence, that 'foot-note' explanation is also likely to be proved technically unsound.


Questionable calculations and results


Notwithstanding all these shortcomings, the reality is that a major upheaval was effected to the real GDP computations of several years via this dubious GDP deflator change as per AR 15. At that time however, the questionable calculations and results seem to have passed unnoticed and unchallenged, perhaps because the outcomes seemed to mainly relate to past figures and statistics. Nevertheless, it is likely that the comparative ease with which these major changes to vital economic numbers were effected and accepted, would have emboldened the relevant authorities to rely on the same method once again to "adjust" the past growth numbers as reported in AR 16.


Accordingly, the authorities seem to have proceeded to further revise, adjust and re-state the GDP deflators for 2014 and 2015. This time around however, the intention appears to be to simply adjust Real Growth for the two years 2014 and 2015, so as to nullify the impact of the change in growth resulting from the reduction in the GDP at CMPs, and thereby ensuring that the growth percentages for the respective years remain at the same or almost-the-same values as reported in AR 15.


Accordingly, the GDP deflator for 2015 has been revised down from 2.1% (as announced in AR 15) to 0.8% for 2016, while the GDP deflator for 2014 has been revised down yet again from 3.9% (as announced in AR 15) to 2.9% in 2016. Incidentally, the revision in the GDP deflator for 2014 was the third occasion in 3 years that the GDP deflator has been revised in respect of 2014: from 5.1% in 2014, to 3.9% in 2015, to 2.9% in 2016!


It is also worthy to note that, with the application of the adjusted GDP deflator values, real growth for 2015 has been maintained almost miraculously at the same value of 4.8%, even after the starting and ending values of GDP at CMPs have been changed quite significantly. Please see Table 3. For comparative purposes, Column (NYSE:C) shows the change in real GDP that would have taken place, if these "adjustments" had not been carried out.


It would be noted that the quiet intervention to "adjust" the real growth to 2014 is also somewhat similar, although equally controversial. As shown in Column (NYSE:B) of Table 4, the re-statement and revision of the real growth for 2014 was effected by applying the same dubious methodology. Here too, it would be noted that, while the average CCPI for 2014 remained at 3.3%, the GDP deflator was first reported at 5.1% in AR 14, and later changed to 3.9% in AR 15, and finally changed to 2.9% in AR 16.


For comparative purposes, Column (NYSE:D) indicates what the real growth for 2014 would have been, had the GDP deflator used in the computation for AR 16 been applied in AR 15. In such an event, the real growth for 2014 would have been recorded as 5.9%, and not 4.9%. This computation shows the shocking manner by which the GDP deflator has been misused in order to "massage" the growth numbers to achieve the desired results.


Sadly, in recent times, the Sri Lankan authorities seem to have perfected a shocking series of "creative practices" and "number massaging techniques" in order to achieve politically and/or economically desired results. Needless to say, these "creative" adjustments make a mockery of the computation of GDP in Sri Lanka since the underlying intention seems to be to "produce" figures and numbers that are desired, and not those that are based upon the hallowed principles of consistency, legitimacy and credibility. This cavalier, partisan and reckless attitude would undoubtedly be a cause of grave concern to all stakeholders, particularly because if this situation were to continue, stakeholders of the Sri Lankan economy would no longer be able to place reliance on the accuracy and objectivity of the information and statistics published by the authorities.


Epilogue 1


The "tall" story…
Little Sunil was 100 centimetres tall on his 10th birthday. When he reached his 11th birthday, he had grown to be 102 centimetres. However, his father, Nimal had taken a bet with his neighbour, Piyal, a year earlier, that Sunil would grow at least 4% by the time he reaches 11.
So, what does Nimal who works in the Ministry of Finance, do? Nimal simply "adjusts" Sunil's height on his 10th birthday to 98, expresses the increase in height relative to the revised base height as 4 centimetres, and claims Sunil has grown by 4 centimetres, or 4.1%!
Piyal is baffled, but does not notice or understand this "adjustment", and Nimal wins the bet.
For his brilliant statistical ability, Nimal is named the Statistician of the Year by a prestigious newspaper company!


Epilogue 2


An extract from the Counterview Magazine of 4 March, titled 'Real GDP growth 5%; Modi Govt. "doctored" data to arrive 7% rate, revising base figure, ignoring demonetisation'.
Prof. Prabhat Patnaik, one of the topmost Indian economists, has revealed that the Government of India's Central Statistical Organisation (CSO), while announcing 7% gross domestic product growth for the third quarter of 2016-17 (October-December 2016), did this by "revising downwards the base upon which this growth-rate is calculated".
Calling it a clear case of "doctoring of statistics on the part of the CSO at the behest of the Government", Patnaik says, this manipulation automatically led to a surprise "jump in the growth rate from 6.2 to 7%", a point noted by no other than Soumya Ghosh, who is the chief economic advisor of the State Bank of India….
The base on which this was calculated was revised downwards not once but thrice, Prof. Patnaik says, and the whole idea was to arrive at 7% rate of growth….
Concludes Prof. Patnaik, "The 7% growth rate for the third quarter of 2016-17 claimed by the government which would come down to 6.2% if the base figure is not adjusted, would come down further if the under-representation of the informal sector in GDP estimates is taken note of, and would come down still further if the effect of arbitrarily large net indirect tax collections is additionally taken note of." In fact, it would have been 2% lower - around 5%".... 

MalcolmTurnbull
Equity Analytic
Equity Analytic

Posts : 31
Equity Stars : 351
Reputation : 0
Join date : 2016-09-17

Back to top Go down

View previous topic View next topic Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum
Top posting users this week

Who is online?
In total there are 88 users online :: 2 Registered, 1 Hidden and 85 Guests

AbhiSanSL, kovida

Most users ever online was 541 on Mon Sep 19, 2011 11:29 am
Forum Disclaimer

The information contained in this forum have been submitted by third parties directly without any verification by us. The information available in this forum is not researched or purported to be complete description of the subject matter referred to herein. We do not under any circumstances whatsoever guarantee the accuracy and completeness information contained herein.

www.srilankaequity.com its blogs, forums, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not in any way be responsible or liable for loss or damage which any person or party may sustain or incur by relying on the contents of this report and acting directly or indirectly in any manner whatsoever.

Trading or investing in stocks & commodities is a high risk activity. Any action you choose to take in the markets is totally your own responsibility, www.srilankaequity.com its blogs, forums, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. The information on this website is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. The writers may or may not be trading in the securities mentioned.