The National Accounts for 2017 was recently released to the public by the department of census and statistics. The official figures show that for the year 2017 the GDP growth rate was estimated at 3.4 percent.
The estimated annual Gross Domestic Product (GDP) at constant price (2010) for Sri Lanka for the year 2017 (January to December) reportedly reached up to Rs.9,344,839 million. The annual GDP value at constant price (2010) reported for the year 2016 was Rs.9,035,830 million.
The economy remained service sector dominated with over 55.7 percent of value derived from the sector. Industry followed with 27.3 percent and the taxes at 9.2 percent and Agriculture at 7.8 percent.
The GDP implicit price deflator increased to 143.6 in 2017 from 132.8 suggesting an inflation rate of 8.2 percent for the year 2017. The Colombo Consumer Price Index suggested an inflation rate of 6.5 percent.
Forestry/logging was the highest sector of growth in the agriculture sector with 19.2 percent. Freshwater fishing followed with 10.7 percent and Fruits with 7.4 percent. There was a decline of 19.7 percent in the production of oleaginous fruit and 12.9 percent decline the growth of sugar cane.Non-metallic mineral grew at 13.1 percent and was the highest growth sector for industry. Basic fabricated metal and rubber and plastic followed with 12.6 percent and 11.3 percent respectively. Refined petroleum showed a drop of 4.8 percent.
Telecommunications showed the highest growth for the services sector with a growth rate of 12.2 percent. Financial services and human health followed with growth rates of 9.4 percent and 7.2 percent respectively. Public administration showed a decline of 4.8 percent.
Paddy production for the year increased to Rs 88 billion from Rs 72 billion in 2016 and Rs 60 billion in 2010. In constant market prices, paddy production was Rs 60 billion in 2010, Rs 52 billion in 2016, and Rs 48 billion in 2017.
Colombo remained the dominant port with 94.84 percent of freight handling. Bank gross loans and advances grew to Rs 6.4 trillion from Rs 5.5 trillion. Total deposits grew from Rs 6.3 trillion to Rs 7.4 trillion. The average housing rent was estimated at Rs 7,100 representing an annual increase of 6.8 percent. Per capita, household consumption was estimated at Rs 454,102 representing an increase of 8.9 percent over the previous year.The share of Final Consumption Expenditure of the Government to GDP remained 8.4 percent in 2017. The change of GFCE in 2017 was 11.4 percent and 3.0 percent in 2016. The growth of GFCE was decreased by 5.4 percent from 2016 to 2017. The GFCE for the year under review was Rs. 1.130,674 million at current market prices compared to Rs. 1,014,746 million in 2016, showing an increase of 11.4 percent in the year 2017.
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