Sri Lanka GDP expands 2.6-pct in second quarter 2016

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Sept 15, 2016 (LBO) – Sri Lanka’s economy expanded 2.6 percent in the second quarter of 2016 from a year earlier, led by services activities, the state statistics office said.

The Gross Domestic Product of Sri Lanka for the second quarter of 2016 at constant price reportedly reached up to 2,130,240 million rupees against 2,075,805 million rupees reported for the second quarter of 2015.

Agriculture, industry, services and taxes less subsidies on products have contributed to the share of GDP at current price of 7.7 percent, 26.6 percent, 55.8 percent and 9.8 percent respectively in the second quarter of 2016.

During the second quarter, services activities have recorded a significant growth rate of 4.9 percent compared to the second quarter of 2015.

Telecommunication has reported a growth rate of 21.2 percent while financial services recording a growth of 14.5 percent.

Insurance activities grew by 15.1 percent, education services by 10.5 percent and wholesale and retail trade by 3.5 percent.

Industrial activities reported a growth rate of 2.2 percent in the second quarter with construction sector recording a 6.9 percent growth.

Electricity, gas, steam and air conditioning supply and ‘manufacture of furniture’ have shown a considerable growth rate of 7.0 percent and 4.4 percent respectively.

Manufacture of food, beverages and tobacco experienced growth in activity by 0.4 percent while manufacture of textile and wearing apparel posted 0.9 percent growth.

Mining and quarrying activity have reported a 4.9 percent of positive growth rate, over the period considered.

The agricultural activities however have reported 5.6 percent of negative growth rate.

The value added of growing of rice, tea and rubber have declined by 17.9 percent, 12.2 percent and 8.2 percent respectively during this quarter.

Marine fishing has also declined by 7.8 percent, compared to the same quarter last year.

Related: Sri Lanka GDP expands 5.5-pct in first quarter 2016