Sri Lanka has recorded a a positive growth rate of 4.1 percent for the third quarter of 2016 according to the Census and Statistics Department (DCS).
The Gross Domestic Product for Sri Lanka for the third quarter of 2016 (July, August, September) at constant (2010) price reportedly reached up to Rs. million 2,270,171. The GDP value reported for the third quarter of 2015 was Rs. million 2,181,275.
The four major components of the economy; Agriculture, Industry, Services and Taxes less subsidies on products have contributed their share to the GDP at current price by 7.6 percent, 30.5 percent, 56.0 percent and 5.9 percent respectively in the third quarter of 2016.
During the third quarter of 2016, especially the industrial activities have recorded a significant increase in overall growth rate as 6.8 percent, meanwhile the Services activities have grown by 4.7 percent, compared to the third quarter of 2015.
However, the agricultural activities reported 1.9 percent of negative growth rate. Among the sub activities of Agriculture, the value added of ‘Growing of tea’, ‘Growing of rice’ , ‘Growing of rubber’,
‘Growing of spices’ and ‘Growing of vegetables’ declined and reported negative growth rates of 20.4 percent, 20.0 percent, 17.8 percent, 9.0 percent and 7.2 percent respectively during this quarter, when compared to the same quarter in the previous year.
Meanwhile the ‘Forestry and logging’ and ‘fresh water fishing’ grew significantly by 30.0 percent and 20.8 percent respectively during the third quarter of 2016.
The industrial activities which shared the GDP by 30.5 percent at current price, has recorded a significant growth rate in this quarter. The industrial activities have expanded by 6.8 1 percent. Among the industrial activities, the ‘Construction’ activity, which corresponds to a higher
share of the industrial activities, increased by 14.4 percent during this quarter compared to the third quarter of 2015.
In addition, the sub activity of ‘Mining and quarrying’ recorded 13.5percent of very high growth rate. The performance of Services sector was underpinned specially by the sub activities of ‘Financial service activities’, ‘Insurance activities’, ‘Telecommunication’, ‘Education service’ and ‘Wholesale and retail trade’ which reported significantly higher growth rates of 12.9 percent, 12.3
percent, 11.7 percent, 10.2 percent and 4.6 percent respectively compared to the respective quarter in year 2015.
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