Sri Lanka’s economy grew 5.5-pct in 2016 Q1

ECONOMYNEXT – Sri Lanka’s economy grew 5.5 percent in the first quarter of 2016 from a year ago, led by industrial activity, especially construction, the Department of Census and Statistics said.

Gross Domestic Product for Sri Lanka for the first quarter of 2016 (January-March) at constant (2010) prices rose to Rs2,088,024 million from Rs1,978,609 million in the first quarter of 2015, a statement said.

The industrial sector, which contributed 31.6 percent to GDP, grew 8.3 percent in the first quarter of 2016 from the year before, followed by services, which grew 4.9 percent and accounted for 52.4 percent of the economy.

Agriculture, which accounted for 7.4 percent of GDP, grew only 1.9 percent in the quarter.

Construction activity, which has a high share of GDP, increased by 12.0 percent during the quarter from the first quarter of 2015.

But manufacture of textile and wearing apparel grew only 1.9 percent during the first quarter of 2016.

Financial services grew 15.9 percent in the quarter.
(COLOMBO, June 15, 2016)

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