Published On: Thu, Sep 28th, 2017

Economy grows 4.0 percent

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According to the Department of Census and Statistics, Dr. AJ Dissanayake, the estimated economic growth rate was 4.0 percent in the second quarter of 2017. Mr. Satharasinghe said.

The country’s Gross Domestic Product (GDP) for the second quarter of this year is 2,211,612 million rupees, which was 2,125,848 million rupees for the second quarter of 2016.

The Department of Census and Statistics has estimated the estimated Gross Domestic Product and other macro-economic indicators, using the manufacturing approach under the current two-year (2011) and fixed (2010) prices.

The gross domestic product (GDP) contribution to the second quarter of 2017, which is the main components of the economy, accounted for 8.2 percent, 25.9 percent, 56.6 percent and 9.4 percent, respectively, at subsidized prices at subsidized prices. .

Economic activity and services in the industrial sector also recorded a significant growth of 5.2 percent and 4.5 percent respectively in the quarter. Agricultural activities however recorded a 2.9 percent slower growth. Hurricane developments in the last quarter of the year have been recorded in agricultural economies due to un-favorable weather conditions and heavy rainfall affecting most districts of the country over the past 18 months.

Among the main agricultural economic activities, cultivation of oil, coconut cultivation, cultivation of non-agricultural seeds, vegetable cultivation and spices, 32.9 percent, 20.2 percent, 15.3 percent, 5.9 percent and 3.8 percent respectively. Growth in the second quarter of the previous year.

But rubber cultivation and tea cultivation have recorded two quarterly growth rates in each quarter of the two major economies, which grew by 10.2 percent and 6.9 percent respectively in the second quarter of 2017.

In addition, livestock and inland fishing recorded significant growth rates of 10.9 percent and 9.0 percent respectively.

Similarly, in the second quarter of 2017, growth in both forestry and seaborne fishing, agricultural economic activity, growth prosperity was 5.5 percent and 3.1 percent respectively.

Industrial activities Economic activity has contributed 25.9 per cent of GDP in the second quarter of 2017 and recorded a 5.2 per cent satisfactory growth.

The construction industry, the largest contributor to GDP for industrial activity, recorded a significant growth of 9.3 percent in the second quarter of 2017 compared with the previous quarter. The mining and quarrying industry was up 18.4 percent.

Manufacturing industries recorded a 0.9 percent increase in the second quarter of 2017. In the second quarter of 2017, food and tobacco production, followed by clothing, textile, apparel, leather and related products contributed 2.2 percent to negative growth of 2.5 percent. An increase is reported in the quarter.

In addition, the output of furniture, rubber and plastics products grew 12.4 percent and 8.4 percent respectively.

The service sector with the 56.6 percent of the GDP in total improved its gross domestic product (GDP) by 4.5 percent in the second quarter of 2017.

Financial intermediation services, intermediate services, health services and telecommunications services accounted for 16.4 percent, 13.2 percent and 12.4 percent respectively.

Significant growth in gross domestic product (GDP), wholesale and retail trade, transport services (by 4.0 per cent and 1.6 per cent)

Detailed information on the National Accounts Estimates for the second quarter of 2017 has been published by the Department of Census and Statistics at the www.statistics.gov.lk.

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Economy grows 4.0 percent