Economy grows 4.1-pct in third quarter 2016

Economy grows 4.1-pct in third quarter 2016

Economy grows 4.1-pct in third quarter 2016

Written by Charitha Fernando

16 Dec, 2016 | 11:42 am

The Island’s statistics office said the economy has grown 4.1 percent in the third quarter of 2016 driven by a revival in the construction industry.

“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 resulting a positive growth rate of 4.1 percent for the third quarter of 2016,” The Department of Census and Statistics said in a statement.

Services accounted for the highest share of GDP at 56 percent while industry accounted for 30.5 percent and agriculture 7.6 percent.

“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 sector activities have grown by 4.7 percent, compared to the third quarter of 2015,” the statement said.

However, agriculture reported a 1.9 percent negative growth with tea, rice, rubber, spices and vegetables recording 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.

Industrial activities have expanded by 6.8 percent. Among the industrial activities, the construction sector, 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.

Image Courtesy: www.amirniroumand.org

 

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