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Sri Lanka grows 2.9-pct in third quarter 2018

Dec 18, 2018 18:11 PM GMT+0530 | 1 Comment(s)

ECONOMYNEXT - Sri Lanka's gross domestic product grew 2.9 percent in the third quarter of 2018 from a year earlier with agriculture growing 3.3 percent compared to a contraction a year earlier, the state statistics office said.

The second quarter growth was revised to 3.6 percent from 3.7 percent.

The 9-month growth was 3.3 percent.

Industry grew 1.9 percent and service grew 3.9 percent.

Rice output grew 46.9 percent, reversing from a contraction of 32.8 percent a year earlier.

In industry manufacturing had grown 2.2 percent, with apparel up 3.7 percent. Construction was up 2.5 percent.

In services telecoms had grown, 14.8 percent, financial services 12.4 percent. 

Sri Lanka's economy has grown despite balance of payments pressure and capital flight being triggered by a non-credible soft-pegged monetary arrangement which is now threatening foreign debt repayments.

In October a political crisis was triggered. (Colombo/Dec18/2018 - Update II)
 


 

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1 Comments

  1. Lalith December 18, 08:39 AM

    3 pct Agri growth after negative growth in 2017 is shockingly Low. If you strip out the Low base effect this means growth is effectively zero. Poor fertiliser supply? Or a collapse in credit to Farmers more likely. Cbsl needs to explain

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