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Sri Lanka’s GDP grows 4.4-pct in 2016, fourth quarter 5.3-pct

ECONOMYNEXT – SSri Lanka’s economy grew 5.3 percent in the fourth quarter of 2016, while annual growth slowed to 4.4 percent from 4.8 percent the previous year, the weakest performance since 2013, hit by floods and drought, the Department of Census and Statistics said.

The Gross Domestic Product for 2016 (January to December) at constant (20 I 0) price reached Rs9,012,026 million, up from Rs8,633,890 million in 2015, a statement said.

“During 2016, the highest growth rate of 6.7 percent was reported for overall industrial activities,” it said. “Meanwhile, services activities have grown 4.2 percent compared to the previous year.” But the agricultural sector shrank 4.2 percent.

“Sri Lanka experienced inclement weather during 2016,” the statement said. “Particularly, the severe flood experienced in the second quarter of 2016 and the drought that prevailed during the year may have had an impact on the country’s agriculture activities.”

Agriculture contributed 7.5 percent to GDP, industry 27.1 percent, services 57 percent and taxes less subsidies 8.4 percent in 2016.
(COLOMBO, March 15, 2017)

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