- The country’s economy grew by 4% in the second quarter from a year earlier
- The industrial activities have recorded a considerable growth rate of 5.2%
- Services activities recorded a positive growth rate of 4.5% during Q2 of 2017.
The country’s economy grew by 4%
in the second quarter from a year earlier and slightly better than the 3.8%
improvement in the preceding three months.
The Department of Census and
Statistics said the GDP for Sri Lanka for the second quarter of 2017 at a
constant (2010) price reportedly reached up to Rs. 2,211,612 million and the
GDP reported for the second quarter of 2016 was Rs. 2,125,848 million
The 2Q growth was despite a
setback faced by agriculture due to adverse weather conditions. The Industrial
and the Services activities recorded higher growth rates of 5.2% and 4.5%
respectively whilst agricultural activities reported a negative growth rate of 2.9%.
The four major components of the
economy, Agriculture, Industry, Services and Taxes less subsidies on products,
have contributed their share to the GDP at the current price by 8.2%, 25.9%,
56.6% and 9.4% respectively in the second quarter of 2017.
Among the sub-activities of
agriculture, the value added ‘Growing of rice’, ‘Growing of oleaginous fruits
including Coconut’, ‘Growing of Cereals (except rice), ‘Growing of vegetables’
and ‘Growing of Spices’ declined by 32.9%, 20.2%, 15.3%, 5.9% and 3.8% respectively
during this quarter, when compared to the same quarter of the previous year.
The industrial activities, which
shared the GDP by 25.9% at current price, have recorded a considerable growth
rate of 5.2% in the overall industrial activities of this quarter. Among the
industrial activities, the Construction activity, which corresponds to the
highest share within the industry sector, grew by 9.3% during this quarter when
compared to the second quarter of 2016.
In parallel with the construction
activity ‘Mining and quarrying’ has also reported a significant growth rate of
18.4%. Overall manufacturing activities have grown by 0.9% during the second
quarter of 2017. The major proportion of manufacturing activities is shared by
the ‘Manufacture of food, beverages and tobacco’ and the ‘Manufacture of
textile and wearing apparel’ activities which have reported a 2.2% negative
growth rate and 2.5% positive growth rate respectively during the quarter.
In addition, the ‘Manufacture of
furniture’ and ‘Manufacture of rubber and plastic products’ activities have
reported significant positive growth rates of 12.4% and 8.4% respectively.
Among the three major activities,
the Services activities, which gave the highest contribution (56.6%) to the
GDP, recorded a positive growth rate of 4.5% during the second quarter of 2017,
when compared to the same quarter in 2016. The performance of the Services
sector was underpinned specially by the sub-activities of ‘Financial service
activities’, ‘Human health activities’ and ‘Telecommunication’ which reported
significantly higher growth rates of 16.4%, 13.2% and 12.4% respectively.
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