Sri Lanka GDP grows 3.2-perent in 2018 first quarter

ECONOMYNEXT – Sri Lanka’s gross domestic product grew at an estimated rate of 3.2 percent in the first quarter of 2018 and 2017 growth has been revised to 3.3 percent from 3.1 percent, based on final data, the state statistics office said.

The agriculture sect grew 4.8 percent recovering from a 4.4 percent contraction in the first quarter of 2017, industry had grown 1.0 percent and services 4.4 percent, based on provisional data.

Rice cultivation had grown 56.6 percent with the return of rains. Crops such as coconut were still down 13.5 percent. Rubber had fallen 13.9 percent and fishing was down 2.0 percent.

Manufacturing industry had grown 2.8 percent, with food and beverages up 4.7 percent and apparel 4.7 percent.

Construction activity fell 4.9 percent.

Services which now account for 53.6 percent of the economy, grew 4.4 percent, with wholesale and retail trade up 5.4 percent, hotels and restaurants up 7.6 percent, and telecom up 11.1 percent and financial services up 12.2 percent.

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