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Monday, June 28, 2010 - 4.55 GMT |
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Sri Lanka records 7.1% GDP growth for Q1
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Sri Lanka has recorded a 7.1% GDP growth in the first quarter of 2010 (January - March), compared to the same period in 2009, with prices estimated at Rs.643,539 million as against Rs.601,084 million in the first quarter of 2009, according to the statistics released by the Department of Census and Statistics.
The three major sectors of the economy namely, Agriculture, Industry, and Services registered significant growth as 9.0 percent, 6.9 percent, and 6.7 percent respectively.
Other sectors which registered relative growth in the first quarter of 2010 are tea at 47.2 %, rubber at 11.7 %, minor export corps at 118.2 %, construction at 8.5 %, hotels and restaurants at 61% and transport and communication at 10.4 %.
Growth in tea production is attributed to recovery driven by favorable weather conditions, and increased demand along with the satisfactory prices in global market. Growth in rubber was due to the increase in average price of rubber (at Colombo auction) from Rs.132.17 per Kg in Q1 2009 to Rs 321.24 per Kg in Q1 2010.This indicates 143.1 percent price increase in Q1 2010, which resulted the progress made in maintenance of rubber estates and tapping activities, according to the Statistics Department.
Paddy production grew by 8.9 percent for the Q1 2010 as against the growth rate of 12.2 percent in Q1 2009. The highest ever recorded paddy production since 1952 was harvested during 2008/2009 “Maha
Season” recording 114.3 million Bushels, further increased up to 124.5 million Bushels in 2009/2010 “Maha Season”. Eastern Province, Mannar and Jaffna districts recorded 10.6 percent, 65.1 percent, and 13.8 percent growth respectively. This significant growth in paddy production is mainly attributed to restoration of peace, favorable weather and continuous government supported fertilizer subsidy, the Department further states.
The sub-sector of Livestock Production grew by 4.7 percent for the Q1 2010. The milk production increased from 42.7 million liters in Q1 2009 to 48.9 million liters in Q1 2010. The Department states that the restoration of peace across the country supported the growth of livestock farming, especially in the East, North Central Province and Monaragala District which were badly exposed to the unrest for a number of years.
The overall fishing industry grew by 3.7 in Q1 2010. Inland fishing grew by 0.6 percent and Marine-fishing grew by 4.2 percent. The drought resulting in the low storage of water in inland reservoirs badly affected to fish production. The growth of “Marine fishing” industry was at a satisfactory level in the wake of imposed time restrictions for fishing was gradually lifted. Nevertheless, unfavorable climate changes impeded the industry to a certain extent. Marine fish production in Northern and Eastern provinces increased by 122.4 percent and 82.4 percent respectively, although overall fish production in other regions except the North and the East decreased by 27.7 percent in the first quarter of 2010.
The percentage share of the three major sectors i.e. Agriculture, Industry and Services to the total GDP more or less remains unchanged being 13.8 percent, 28.4 percent and 57.8 percent respectively.
The index number of GDP implicit price deflator rose from 191.7 in the first quarter of 2009 to 213.2 in the same quarter of 2010, giving an inflation rate of 11.2 percent for the Q1 2010.
Colombo Consumers’ Price Index (2002=100) which reflects average price level of consumer goods increased to 216.0 in the Q1 2010 from 202.7 in the first quarter of 2009. Accordingly, the inflation rate is recorded as 6.6 percent in the first quarter of 2010 whereas it was 7.8 percent in the same quarter 2009.
For full report please visithttp://www.statistics.gov.lk/national_accounts/Press Release/English_Press_Note_2010Q1.pdf
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