Sri Lanka’s economic growth slumps to 3.1-pct in 2017
ECONOMYNEXT – Sri Lanka’s economic growth slumped to a 16-year low in 2017 with agriculture contracting for the second year running owing to bad weather and services also slowing down, according to revised government data.
The island nation’s gross domestic product (GDP) grew by 3.1 percent in 2017, down from 4.5 percent in 2016, the Department of Census and Statistics said.
GDP growth however picked up in the fourth quarter of 2017 to 3.2 percent from 2.9 percent growth in the preceding quarter.
The Department of Census and Statistics, which withdrew its previous 2017 GDP estimates and issued a revised estimate, said recurring bouts of drought and floods had badly affected agriculture in the last two years.
(COLOMBO, March 21, 2018)