Written by Charitha Fernando
16 Mar, 2017 | 4:23 pm
Sri Lanka’s Gross Domestic Product (GDP) grew 5.3 percent in the fourth quarter of 2016 but annual growth slowed to 4.4 percent in 2016 compared to the previous year, the Department of Census and Statistics releasing a statement said. Data showed that the 4.4 percent growth was the weakest performance of the economy since 2013.
The Gross Domestic Product for Sri Lanka for the year of 2016 (January to December) at constant (2010) price has reached up to Rs. Million 9,012,026 from Rs. Million 8,633,890 in 2015, the statement said.
Overall agriculture activities contracted 4.2 percent in 2016 owing to inclement weather throughout 2016.
“Sri Lanka experienced inclement weather during the year 2016. Particularly, the severe flood experienced in second quarter of 2016 and the drought that prevailed during the year, may have had an impact on the agriculture activities of the country,” the statement said.
Rice has declined drastically by 31.0 percent during the year 2016 while tea, rubber and cereals declined by 11.2 percent, 10.7 percent and 10.5 percent respectively. Fruits, vegetables and oleaginous fruits including coconuts dropped by 3.7 percent, 2.1 percent and 0.6 percent respectively. However, freshwater fishing, spices and animal production have reported positive growth rates recording 9.9 percent, 6.4 percent and 6.3 percent respectively in 2016.
The Department of Census and Statistics said during 2016, the highest growth rate of 6.7 percent came from Industrial activities. Services grew 4.2 percent compared to the previous year.
Agriculture contributed 7.5 percent to GDP, industry 27.1 percent, services 57 percent and taxes less subsidies 8.4 percent in 2016.
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