Sri Lanka economy expands 8.0-pct in 3Q, 2010: Statistics office

Dec 16, 2010 (LBO) – Sri Lanka’s economy has expanded 8.0 percent in the third quarter of 2010 from a year earlier, compared to an 8.5 percent growth in the second quarter, the government’s statistics office said.

The services sectors 8.0 percent growth (up from 5.1 percent last year) came with hotels and restaurants growing 32.2 percent, transport and communications 12.4 percent, wholesale and retail trade 7.7 percent and banking and real estate 8.5 percent.

Last year’s economy was estimated to have expanded 4.2 percent in the third quarter.

This year, agriculture grew 6.2 percent, industry 8.8 percent, and services 8.0 percent in the third quarter, the statistics office said.

Paddy has grown 30.7 percent, rubber 15.9 percent and fishing expanded 14.4 percent, while tea grew 0.2 percent.

Industry’s 8.8 percent growth (up from 4.4 percent last year) came from a 10.2 percent growth in gem mining with exports growing 21.2 percent while apparel and leader grew 3.2 percent, chemicals, rubber and plastic products growing 9.8 percent.