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Monday, September 16, 2013 - 6.33 GMT
Economy grows at 6.8% in Q2


Sri Lanka's economy grew by 6.8 percent in the second quarter of 2013.

According to Department of Census and Statistics, the industry sector grew by 10.1 percent and services by 6.6 percent while agriculture sector shrunk by 1.1 percent. In agriculture, tea had contracted 0.5 percent, rubber had grown 2.0 percent, coconut had shrunk 25.4 percent and paddy was 2.1 percent.

Fishing contracted 5.3 percent. In industry, manufacturing was up 5.3 percent with textile and apparel up 6.2 percent. Mining was up 12.6 percent. In services, wholesale and retail trade was 6.6 percent, transport 10 percent, hotels and restaurants up 21.1 percent. Telecom was up 8.9 percent, banking and financial was up 6.3 percent. Government services grew 3.9 percent.

Northern and Eastern provinces grew fastest in 2013, though starting from a low base, helped by construction but also banking and agriculture.

The Northern Province grew 25.9 percent nominally (real gross domestic product plus inflation) with inflation down from 27.9 percent in 2011, followed by the Eastern Province at 25.0 percent, up from 13.5 percent.

The two provinces emerged from a 30-year civil war in 2009, and the state has reconstructed the area and the economy is reviving.

The Southern province came third at 21.3 percent, up from 21.3 percent helped by manufacturing, construction and government services.

The average national nominal growth rate was 15.9 percent in 2012 down from 16.8 percent in 2011.

The Western province, which is linked with the rest of the world and has the higher population and generates the most economic output share of 43.4 percent, grew at 13.4 percent.

Its share fell to 43.4 percent from 44.2 percent in 2011.

The GDP share of Northern Province rose to 4.0 percent from 3.7 percent, East to 6.3 percent from 5.8 percent, while that of the North Western province fell to 9.6 percent from 10.0 percent from 2011 to 2012.

The share of Central Province was flat at 9.8 percent. The North Central (4.7 percent), UVA 4.5 percent and Sabaragamuwa (6.2 percent) was also flat.





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Last modified: September 16, 2013.

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