Sri Lanka economy grows 8.4-pct in 3Q: statistics office

Dec 21, 2011 (LBO) – Sri Lanka’s economy grew 8.4 percent in the third quarter of 2011 from a year earlier, slightly higher than the 8.2 percent reported in the second quarter, the state statistics office said. The economy grew 8.0 percent in the third quarter of last year.

Sri Lanka’s Central Bank Governor Nivard Cabraal has said full year growth is likely to be a little over eight percent.

The statistics office said agriculture grew 6.2 percent in the third quarter up from 6.0 percent a year earlier, industry grew 10.8 percent up from 8.8 percent and service grew 7.8 percent down from 8.0 percent last year.

In Agriculture, export crops of tea contracted 6.9 percent from a year earlier, rubber grew 2.2 percent, coconut grew 5.1 percent. Paddy grew 12.4 percent. Fishing expanded 17.3 percent with inland fishing growing 32.3 percent and marine fishing up 14.3 percent.

Factory industry grew 7.9 percent with apparels growing 10.2 percent, chemicals and petroleum grew 8.1 percent, electricity grew 7.0 percent and construction grew 17.3 percent, the statistics office said.

In services, the largest sector, hotels and restaurants grew 27.2 percent, wholesale and retail trade grew 9.5 percent,