Sri Lanka GDP expands 5.5-pct in first quarter 2016

Colombo-Sri-Lanka

June 15, 2016 (LBO) – Sri Lanka’s economy expanded 5.5 percent in the first quarter of 2016 from a year earlier, led by industry and services, the state statistics office said.

In the first quarter of 2016, gross domestic product reached up to 2,088,024 million rupees against 1,978,609 million rupees recorded first quarter of 2015.

Agriculture, industry, services and taxes less subsidies on products has contributed to GDP by 7.4 percent, 31.6 percent, 52.4 percent and 8.5 percent respectively in the quarter.

Growth rate of the agricultural activities however have shown only a slight increase of 1.9 percent.

Among the sub activities, growing of vegetables showed a high growth rate of 16.3 percent while growing of oleaginous fruits reported 10.0 percent growth.

Contribution from tea decreased by 11.6 percent during the quarter while rubber and marine fishing suffered slight falls in the growth rates by 2.6 percent in each activity.

Industrial and services activities have recorded a significant increase with 8.3 percent and 4.9 percent, when compared to the same period last year.

Construction has increased significantly by 12.0 percent during the quarter with respect to the first quarter of 2015.

Rubber and plastic products have shown a considerable growth rate of 7.0 percent while food, beverages and tobacco showed 1.2 percent growth.

Textile and wearing apparel have shown a 1.9 percent growth respectively, during the first quarter of 2016.

The services sector recorded a significant growth rate of 4.9 percent during the first quarter of 2016, when compared to the same quarter in the year 2015.

Among the sub activities of services, financial service activities have shown significantly higher growth rate of 15.9 percent while wholesale and retail trade recorded 5.7 percent growth.