Releasing of second-quarter economic growth rate likely to be delayed further

Releasing of second-quarter economic growth rate likely to be delayed further

Releasing of second-quarter economic growth rate likely to be delayed further

Written by Hassaan Shazuli

28 Oct, 2020 | 1:16 pm

COLOMBO (News1st): The releasing of Sri Lanka’s economic growth rates for the second and third quarters are likely to be delayed further, the census and statistics department has said.

The department, in early October, said it would release the gross domestic product (GDP) rates for both quarters together on December 15.

“However, considering the limitations faced (due to the new COVID-19 wave) at the present period, this date may be further changed,” the census department said in a statement.

The census and statistics department releases quarterly GDP estimates, within 75 days since the end of a quarter.

Although the second-quarter growth rates are yet to be released, the department had observed high contractions in all sectors during that period, especially in April and May.

“The survey results show high contractions in all three sectors; Agriculture, Industry and Services,” the statement read.

The manufacturing sector had contracted by 23 per cent, accommodation and food services by 78 percent, and the construction sector by 23 percent, in the second quarter, compared to the same period last year.

The economic growth estimates of this year’s first quarter, required to be released on June 19, had been released by the department only in August.

Sri Lanka’s first-quarter economic growth stood at minus 1.6 percent before the COVID-19 pandemic took a toll on the country.

The central bank has said that a “significant rebound of economic activity” during the fourth quarter is vital for Sri Lanka to record at least a zero percent economic growth rate in 2020.

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