Sri Lanka economy grew 4-pct in 2nd quarter

ECONOMYNEXT – Sri Lanka’s economy grew four percent in the second quarter of 2017 from a year ago, supported by industry and services while agriculture contracted, the Department of Census and Statistics said.

A statement said gross domestic product grew 3.9 percent in the first half of 2017 compared with the year before.

Sri Lanka’s GDP in the second quarter of 2017 at constant (2010) prices reached Rs2,211,612 million compared with Rs2,125,848 million in the second quarter of 2016.

Services contributed 56.6% to GDP in the second quarter, industry 25.9%, agriculture 8.2% and taxes 9.4%, the statement said.

Industry grew 5.2% and services 4.5% during the quarter while agriculture shrank 2.9%.

The agriculture sector had been affected by bad weather, with severe drought and heavy rainfall in the past 18 months in many districts, the statement said.

“As a result, the agriculture sector reported negative growth rates in the last six quarters.”

However, the tea and rubber sectors recovered during the second quarter of 2017. 
(COLOMBO, Sept 15, 2017)

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