Sri Lanka economy grows 8.5-pct: statistics office

Sept 16, 2010 (LBO) – Sri Lanka’s economy is estimated to have grown by 8.5 percent during the second quarter of 2010 from a year earlier, which is the highest quarterly growth rate recorded since 2002, the government’s statistics office said. Higher costs had reduced chicken production by 5.2 percent and eggs by 0.9 percent.

The fishing industry was up 18.3 percent in the second quarter with inland fishing up by 15.7 percent and marine fishing up by 18.6 percent.

Marine fishing was helped by the end of the war, with fish output in the Northern province up by 134.1 percent and Eastern province up 45.8 percent. In other areas production had fallen due to migration of fisherman to the North, the statistics office said.

Industry

Within industry, manufacturing had grown by 8.9 percent. Textile, apparel and leather had growth 7.9 percent, and chemicals, petroleum and plastics by 15.9 percent.

Electricity, gas and water had grown 7.5 percent and electricity generation was up 8.2 percent with hydro power up 37.7 percent and thermal power down 7.1 percent. Higher hydro power output indicates higher value addition.

Construction had grown 9.3 percent, driven mainly by large scale state projects, the statist