Sri Lanka’s Eco­nomic Growth at 4.0% in Q2


COLOMBO (Dis­patches) - Sri Lanka’s econ­omy grew at a pos­i­tive rate of 4.0 per­cent dur­ing the sec­ond quar­ter of this year de­spite the im­pact of the dis­as­trous weather ex­pe­ri­enced dur­ing the quar­ter, the Depart­ment of Cen­sus and Statis­tics (DCS) said on Fri­day re­leas­ing the GDP Sum­mary In­di­ca­tors for the 2nd Quar­ter 2017.

Ac­cord­ing to the Na­tional Ac­counts Es­ti­mates for the sec­ond quar­ter of 2017 re­leased by the DCS, the Gross Do­mes­tic Prod­uct (GDP) for the sec­ond quar­ter of 2017 at con­stant (2010) price reached up to Rs. 2.2116 tril­lion and the GDP re­ported for the sec­ond quar­ter of 2016 was Rs. 2.1258 tril­lion.

The four ma­jor com­po­nents of the econ­omy - Agri­cul­ture, In­dus­try, Ser­vices and Taxes less sub­si­dies on prod­ucts has con­trib­uted their share to the GDP at cur­rent price by 8.2 per­cent, 25.9 per­cent, 56.6 per­cent and 9.4 per­cent re­spec­tively in the sec­ond quar­ter of 2017.

Dur­ing the sec­ond quar­ter of 2017, the In­dus­trial and the Ser­vices ac­tiv­i­ties have recorded higher growth rates of 5.2 per­cent and 4.5 per­cent re­spec­tively. How­ever, over­all Agri­cul­tural ac­tiv­i­ties have re­ported a neg­a­tive growth rate of 2.9 per­cent.

Agri­cul­ture sec­tor of the econ­omy has been af­fected badly from the un­fa­vor­able dry weather con­di­tions dur­ing the last 18 months re­sult­ing in se­vere drought in some ar­eas while many dis­tricts in the other parts ex­pe­ri­enced floods and land­slides due to heavy rains. As a re­sult, Agri­cul­ture sec­tor has re­ported neg­a­tive growth rates dur­ing last 6 quar­ters.

The in­dus­trial ac­tiv­i­ties which shared the GDP by 25.9 per­cent at cur­rent price, has recorded a con­sid­er­able growth rate of 5.2 per­cent in the over­all in­dus­trial ac­tiv­i­ties in this quar­ter.

Among the three ma­jor ac­tiv­i­ties, the Ser­vices ac­tiv­i­ties which gave the high­est con­tri­bu­tion of 56.6 per­cent to the GDP, recorded a pos­i­tive growth rate of 4.5 per­cent dur­ing the sec­ond quar­ter of 2017, when com­pared to the same quar­ter in the year 2016. The World Bank projects Sri Lanka’s econ­omy to grow by 4.7 per­cent in 2017 and marginally ex­ceed 5.0 per­cent growth in the medium term, driven by pri­vate con­sump­tion and in­vest­ment.

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