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Economy grew by 4 % in second quarter of 2017

Department of Census and Statistics, Ministry of National Policies and Economic Affairs issuing a communiqué releasing National Accounts Estimates for the second quarter of 2017 stated that the GDP growth rate for the second quarter of 2017 has been estimated at 4,0 percent. The Gross Domestic Product for Sri Lanka for the second quarter of 2017 at constant (2010) price reportedly reached up to Rs. Million 2,211,612 and the GDP reported for the second quarter of 2016 was Rs. Million 2,125,848.

 

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 8.2 percent, 25.9 percent, 56.6 percent and 9.4 percent respectively in the second quarter of 2017. During the second quarter of 2017, the Industrial and the Services activities have recorded higher growth rates of 5.2 percent and 4.5 percent respectively. However, overall Agricultural activities have reported a negative growth rate of 2.9 percent.

 

Among the sub activities of Agriculture, the value added of ‘Growing of rice’, ‘Growing of oleaginous fruits; including Coconut’, ‘Growing of Cereals (except rice), ‘Growing of vegetables’ and ‘Growing of Spices’ declined by 32.9 percent, 20.2 percent, 15.3 percent, 5.9 percent and 3.8 percent respectively during this quarter, when compared to the same quarter in the previous year.

 

The industrial activities which shared the GDP by 25.9 percent at current price, has recorded a considerable growth rate of 5.2 percent in the overall industrial activities in this quarter. Among the industrial activities, the `Construction.’ activity, which corresponds to the highest share within the industry sector, grew by 9.3 percent during this quarter when compared to the second quarter of 2016.

 

In parallel to the construction activity ‘Mining and quarrying’ also has reported significant growth rate of 18.4 percent. The overall manufacturing activities have grown by 0.9 percent during the second quarter of 2017.

 

Further details on the GDP estimates for the second quarter of 2017 have been published in the DCS website: www.statistics.gov.lk

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