Third quarter growth in economy rebounds to 7.8%

Monday, 18 November 2013 00:57 - - {{hitsCtrl.values.hits}}

Sri Lanka’s economy had grown by 7.8% in the third quarter, as against a low 4.8% a year earlier according to latest data released by the Department of Census and Statistics. The third quarter growth is also higher in comparison to 6.8% achieved in the second quarter. The Department said the economic output of Sri Lanka as measured by Gross Domestic Product (GDP) for the Q3 (July - September), 2013 at constant (2002=100) prices was estimated at Rs. 845,269 million as against Rs. 784,422 million in the Q3 of 2012, registering a 7.8% economic growth. The agriculture sector, one of the three major sectors of the economy recorded a 7.0% growth in the third quarter. Industry and services sectors recorded an 8.1 % and a 7.9% growth respectively in the 3Q compared with Q3 2013. The sub sectors which registered relative significant growth among the major sectors in the Q3 2013 were paddy 56.5%, marine fishing 17.5%, hotels & restaurants 13.6%, mining & quarrying 12.5%, transport & communication 11.8%, electricity, gas & water 11.2%, construction 10.0%, vegetable 9.9%, livestock 7.3% and banking insurance & real estate” 6.7%. The percentage share of the three major sectors, the agriculture, industry, and services to the total GDP reported as usual at 11.1%, 29.9%, and 59.0 % respectively. The rate of inflation which is measured by the GDP implicit price deflator (2002=100) has been dropped from 8.2 in Q3 2012 to 5.8 in the Q3 of 2013. Colombo Consumers’ Price Index (2006/2007=100) which reflects the average price level of consumers’ goods. According to this index the inflation rate is recorded as 6.2 % for the Q3 of 2013 whereas it was 9.5% in the corresponding quarter of 2012. The agriculture sector i.e. agriculture forestry and fishing sector grew by 7.0% in the third quarter of 2013. This sector recorded a 0.5% decrease in the same quarter 2012. The industry sector grew by 8.1% in the Q3 2013 as against the 7.3% growth in Q3 of 2012. The manufacturing sub sector which is the highest contributor to the industry sector grew by 6.8% in the Q3 of 2013. The overall services sector grew only by 7.9% in the reference quarter. This sector grew by 4.6% in the same quarter of 2012.

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