Sri Lanka economy grows 8.6-pct in 4Q

Mar 31, 2011 (LBO) – Sri Lanka’s economy grew 8.6 percent in the fourth quarter of 2010, up from 6.1 percent a year earlier and also higher than the 8.0 percent estimated for the third quarter, the government’s statistics office said. The office said the economy grew 8.0 percent during the full year 2010.

In the fourth quarter the gross domestic product deflator, a broad measure of inflation rose 7.8 percent in the quarter, from a year earlier.

Agriculture

Agriculture grew 6.3 percent from 5.5 percent a year earlier. Tea had fallen 1.0 percent withy low country output falling. Value addition in rubber has grown 15.1 percent with strong prices helping.

Coconut fell 13.3 percent with low rainfall and outbreak of diseases. Paddy sector grew 31.8 percent. Gross extent sown increased 21.4 percent and harvested increased 23.5 percent in the ‘Yala’ minor cultivation season.

Livestock had grown 3.7 percent helped by the end of the war in east and border areas. Fishing had grown 12.1 percent with inland fishing up 13.5 percent and marine fishing up 11.8 percent.

Industry

Value added in industry grew 8.9 percent up from 7.3 percent a year earlier. The statistics office said manufacturing grew 8