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3Q GDP growth slows to 3.3 percent

The country’s economy grew by 3.3% in the 3Q driven by services and moderate industry growth but was hampered by lackluster performance in agriculture that showed negative growth of 3.3%, the Census and Statistics Department (CSD) said yesterday.

The third quarter performance shows slower growth comparison to 4% in the second quarter and 4.6% a year earlier or third quarter of 2016.

GDP for the third quarter of 2017 at constant (2010) price has reached up to Rs. 2,351,384 million as compared to the third quarter of 2016 was Rs. 2,276,896 million.

The four major components of the economy; ‘Agriculture’, ‘Industry’, ‘Services’ and ‘Taxes less subsidies on products’ has contributed their share to the GDP at current price by 7.6%, 27.8%, 56.3% and 8.3%  respectively in the third quarter of 2017, CSD said.

During the third quarter of 2017, the ‘services activities’ continued to expand further by 4.3%, while ‘Industrial Activities’ recording a marginal growth rate of 1.9%. However, overall ‘Agricultural activities’ have reported a negative growth rate of 3.3% in the third quarter of 2017, which is the ever reported lowest growth rate in third quarter series, since 2010.

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