Sri Lanka’s GDP grows 3.8-pct in 1Q 2017 amid drought
ECONOMYNEXT – Sri Lanka’s gross domestic product grew 3.8 percent in the first quarter with the agriculture sector shrinking 3.2 percent with amid a drought, despite double digit growth in construction and finance, data from the state statistics office showed.
Industry grew 6.3 percent and services grew 3.5 percent.
In the first quarter of 2016, the economy grew 5.3 percent with full year growth at 4.4 percent.
Inflation measured by the implicit GDP deflator was 7.35 percent as the central bank lost control of prices with a collapsing rupee.
First quarter GDP (value added) rose 11.4 percent with inflation to 3,337 billion rupees.
Construction grew 16.1 percent, the fastest sector followed by financial services and insurance at 14.2 percent.
Paddy sector was down 53.1 percent contributing to the 3.2 percent fall in agriculture. Rubber was down 17.2 percent, coconut and oil palm was down 10.2 percent. Fresh water fishing and fresh water aquaculture rose 21.5 percent. (Colombo/June16/2017)