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Thursday, January 05, 2012 - 7.42 GMT

Agriculture, Industry and services sectors will play a major role in 2012 growth rate

 

In 2012 Agriculture sector expected to expand at 7.3%, compared to 2.0% in 2011 as well as Industry sector expected to expand at 9.0%, compared to 10.1% in 2011 and Services sector expected to expand at 7.7%, compared to 8.6% in 2011, stated the Central Bank in its ‘Roadmap: Monetary and Financial Sector Policies for 2012 and Beyond’.

Agriculture sector:

14.2% growth in Paddy due to favourable weather conditions and expected expansion in new cultivation in North and East, the report said. 9.8% growth in Fishing due to favourable weather conditions and improvement in marketing and infrastructure facilities, the report further said.

It also said that 1.4% growth in Tea mainly due to Productivity improvements among tea small holders (74%) and favourable Impact of fertilizer Subsidy.

Industry sector:

12.2% growth in construction due to expansion in infrastructure development work by the government sector and expansion of tourism industry.

11.8% growth in Mining and Quarrying due to Growth momentum in construction activities.

8.0% growth in cottage industry due to completion of resettlements in the Northern and Eastern provinces.

7.9% growth in Electricity owing to Increase in low cost thermal power generation using coal power.

Services sector:

22.1% growth in Hotels and Restaurant sector due to the improvement in tourist arrivals.

8.2% growth in Domestic trade due to growth in agriculture and domestic industries.

10.2% growth in Post and telecommunications due to increase in data transferring and increase in broadband connections with the availability of low cost 3G mobile phones.

8.2% growth in Financial services owing to expansion in economic activity.

It is also expected that Sri Lanka’s macroeconomic conditions and policies would be fashioned to support the high growth in 2012.

 


 

                   

 
   
   
     
   
   

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Last modified: January 05, 2012.

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