share with other countries, and is not the result of poor performance by our central bureau of statistics, but of the attempt to provide data that is as good as possible in real time. we can also see that the level of uncertainty is particularly high regarding estimates of the various components of gdp, such as exports, investments, and so forth, while it is lower for gdp itself. for instance, we can see that the updates in the quarterly gdp growth data in 2013 in israel are not unusual relative to the us or the uk, and the update that was made just a few days ago in the first quarter gdp data in the us was very significant. in view of this, we also need more “ rapid ” data, and we use a mix of data and indicators that help us in trying to understand developments in real time, or with a relatively small lag. i note that the fact that the labor force survey has become monthly is very helpful. in this context, it is worth mentioning the composite state of the economy index, the business tendency survey, the google search index, and internal models developed by the bank for nowcasting, which are intended to provide a clearer picture of the current situation when statistical data have not yet been published. monetary policy is intended to affect future developments : policy has channels of relatively rapid effect ( the exchange rate ), and some of the others have a slower effect ( for instance, the price of credit ). in any case, an important component in the formulation of policy is the forecast, since monetary policy is, of course, forward looking. it is therefore very important that the monetary policy decisions that are made each month rely on a forecast that is as upto - date as possible. such a forecast relies on the most up - to - date information regarding the state of the israeli economy – based on a broad set of indicators from the labor market, various indices of economic activity, consumer confidence indices and business tendency surveys – and on the most up - to - date forecast regarding the state of the global economy, and particularly global trade, which is an indicator of demand for israeli exports. we can see that in the forecasts and estimates regarding global trade and gdp, there are also regular updates, some of which are of considerable size. therefore, the forecast is updated on the basis of updated national accounts data and other recent data, and on the basis of the updated global picture. since the beginning of the monetary committee ’ s operation, the bank of israel

p nandalal weerasinghe : monetary and financial sector policies for 2024 and beyond annual policy statement by dr p nandalal weerasinghe, governor of the central bank of sri lanka, colombo, 10 january 2024. * * * 1. economic performance in 2023 the sri lankan economy started showing signs of gradual recovery during the latter part of 2023. positive economic growth was recorded by the sri lankan economy in the third quarter of 2023, following consecutive contractions since the first quarter of 2022. leading economic indicators signal the continuation of the strong pace of activity during the last quarter of 2023. inflation, which accelerated to unprecedented levels in 2022, was brought down to single - digit levels within a period of one year. despite the historically high level of inflation in september 2022, the price escalation was quickly reined in and entered an impressive disinflation path thereafter, eventually bringing inflation down to the targeted levels within a period of one year. sri lanka's swift disinflationary process was supported by an array of policy measures implemented by both the central bank and the government. meanwhile, core inflation, which reflects the underlying demand pressures in the economy, also recorded steady disinflation during 2023. inflation expectations have been anchored around the targeted levels. extensive policy measures aimed at restoring confidence and stability in the economy, though painful in the near term, have helped stabilise inflation expectations, which remained largely deanchored during 2022. the credible deceleration of inflation and well - anchored inflation expectations within the targeted range allowed the central bank to begin its monetary policy easing cycle in mid 2023. the central bank commenced the relaxing of its monetary policy stance in june 2023 in view of the deceleration of inflation, benign inflation expectations, stable inflation outlook, and improvements observed in the external sector. as a result of the monetary policy easing measures and administrative measures, market interest rates declined significantly, particularly deposit interest rates. market lending interest rates also declined, albeit at a slower pace, partly contributed by the rigidity in the yields on government securities amidst the high risk premia. 1 / 1 bis - central bankers'speeches