The Department of Census and Statistics (DCS) states that economic growth rate for the first quarter of 2017 has been estimated as 3.8%.
The GDP at constant (2010) prices for the first quarter of 2017 recorded as Rs. 2,161,770 million, as against GDP reported for first quarter of 2016 which was Rs. 2,082,544 million.
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 7.0 percent, 30.8 percent, 52.3 percent and 9.9 percent respectively for the first quarter of 2017.
In this quarter, the highest growth rate of 6.3 percent was reported for Industrial activities.
Service activities reported a growth rate of 3.5 percent.
Amidst unfavorable weather conditions, performance of Agricultural activities further contracted and reported a negative growth rate of 3.2 percent.
Among the sub-activities of Agriculture, ‘Growing of Spices’, ‘Animal Production’, ‘ Forestry and Logging’ and ‘Marine Fishing’ reported high growth rates: 6.1 percent, 6.9 percent, 9.3 percent and 5.8 percent respectively.
Substantial declines in growth rates were reported for ‘Growing of Rice’ and ‘Growing of Oleaginous Fruits’ by 53.1 percent, and 10.2 percent respectively in this quarter, due to continuous drought prevailing throughout the respective growing areas.
During this quarter, the activities of ‘Growing of Tea’ and ‘Growing of Rubber’ reported negative growth rates of 5.7 percent, and 17.2 percent respectively.
In the first quarter of 2017, overall Industrial activities further expanded significantly recording 6.3 percent growth rate.
‘Construction activity’, which corresponds to the highest share of the GDP among Industrial activities, further increased remarkably by 16.1 percent during this quarter compared to the same quarter in 2016.
Significant growth rates reported for sub-activities of ‘Water Cllection, Treatment and Supply’ ‘Manufacture of Other Non-Metallic and Mineral Production’, ‘Manufacture of Machinery and Equipment’, and ‘Mining and Qarrying’, by 21.6 percent 19.5 percent, 18.2 percent and 17.9 percent respectively, reinforcing the growth of Industry in the first quarter of 2017.
During this quarter, the growth rate of ‘Manufacture of Textiles and Wearing Apparel’ recovered the contraction reported in the first quarter of 2016, and recorded a positive growth rate of 0.6 percent.
Meanwhile ‘Manufacture of Food, Beverages and Tobacco’ recorded a slight contraction of 0.3 percent within this quarter. Service activities which contribute a highest share of 52.3 percent to the overall GOP grew by 3.5 percent during the first quarter of 2017, compared to the same quarter in the year 2016.
Performance of the Service activities was buoyed by the sub-activities of ‘Wholesale and Retail Trade’, ‘Transportation of Goods and Passengers Including Warehousing’, ‘Financial Service activities’ and ‘Human Health, Residential Care and Social Work’ activities which reported significant growth rates of 4.5 percent, 3.1 percent, 14.9 percent and 11.1 percent respectively compared to the respective quarter in year 2016.
‘Other Personal Service’ activities reported a slight growth by 2.0 percent during the first quarter of 2017.
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