SRI LANKA GROWS 8.3 % IN 2011

Sri Lanka’s economy grew 8.3 percent in the 2011 after growing at 8.0 percent in 2010, with fourth quarter growth also clocked at 8.3 percent, Census and Statistics Department said.

Per capita gross domestic product was estimated at 2,836 US dollars (313,511 rupees implying an exchange rate of 110.54) up from 2,400 US dollars (271,346 rupees implying an exchange rate of 113.06) a year earlier, up 18.2 percent.

In 2012, growth is expected to slow to 7.2 percent, following a balance of payment crisis.

Agriculture grew 1.5 percent in 2011, industry 10.3 percent and services 8.6 percent, the department of Census and Statistics said.

Among the fastest growing sub-sectors in the economy was mining and quarrying at 18.5 percent, fishing 15.5 percent, construction 14.2 percent, hotels and restaurants 26.4 percent, transport and communications 11.3 percent and banking and real estate 7.9 percent.

Tea dropped 0.9 percent, minor export crops dropped 19.0 percent, paddy 8.4 percent and fruits 0.8 percent. Heavy rain in the first quarter and a drought in the last quarter had hurt agriculture, the statistics office said.

The GDP deflator was 7.8 percent and nominal GDP was 6,542.6 billion rupees.

(LBO)