Sri Lanka GDP grows 7.7-pct in 2014 third quarter: Census Dept
(EconomyNext) – Sri Lanka’s economy grew 7.7 percent in the third quarter compared to 7.6 percent in the same period last year, the state statistics office said.
The island’s total economic output, measured by gross domestic product (GDP), for the third quarter (July – September 2014) was 911,064 million rupees compared with 846,102 million rupees in the same 2013 period.
The third quarter growth came mainly from industry, which grew 12.6 percent, and services, which grew seven percent, while agriculture contracted by two percent.
The three main sectors of the economy, agriculture, industries and services, had shares of GDP at constant price (2002) of 10.1 percent, 31.2 percent and 58.7 percent respectively in the third quarter of 2014.
Sri Lanka’s third quarter growth was slightly slower than that of the second quarter of 2014 when GDP grew 7.8 percent.
The agriculture sub sector including agriculture, livestock and forestry was hit by a 35.5 percent contraction in paddy, a 32 percent contraction in the rubber sector and a 17 percent fall in minor export crops.
Tea, the island’s main agricultural export, grew 10.8 percent and coconut seven percent.
The agriculture sector was also hit by a 3.6 percent contraction in fishing.
In the industry sector, manufacturing grew 8.8 percent in the third quarter of 2014 from the year before, with textile and wearing apparel, the main industrial export, and leather, up 11.6 percent, the statistics office said.
The mining and quarrying sub-sector grew 14.2 percent, construction by 21 percent, and electricity, gas and water by 8.4 percent.
In the services sector, wholesale and retail trade was up 8.8 percent, import trade was up 9.3 percent and export trade was up 7.3 percent while domestic trade was up nine percent.
Hotels and restaurants grew 11 percent in the third quarter of 2014. Transport and communications was up 7.5 percent with passenger and goods transportation up 7.3 percent, and sea and air cargo handling growing 14.9 percent.
Banking, insurance and real estate sector was up 6.8 percent.