‘s economy grows 4.8-pct in third quarter

Dec 19, 2012 (LBO) – Sri Lanka’s economy expanded 4.

8 percent in the third quarter of 2012 slowing from 8.

5 percent a year earlier with agriculture contracting 0.5 percent, the state statistics office said.

Sri Lanka’s gross domestic product was estimated to have grown 8.

3 percent in 2011 and is expected to slow to around 6.7 percent this year.

Industry grew 7.3 percent (down from 10.8 percent a year earlier) and services grew 4.6 percent down from 7.8 percent.

In Agriculture tea grew 4.3 percent but rubber contracted 4.

7 percent and paddy shrank 38.2 percent. In fisheries inland fishing expanded 46.

1 percent on top of a 32.6 percent growth last year. Marine fishing grew 6.5 percent slowing from a 14.3 percent growth last year.

Manufacturing industry grew 3.3 percent slowing from 7.7 percent last year, with textiles and apparel growing 2.

9 percent down from 10.2 percent a year earlier. Mining and quarrying expanded 16.2 percent on top of a 19.6 percent growth last year.

Electricity, gas and water contracted 0.

4 percent with electricity contracting 1.

0 percent.
Gross domestic product, which counts value added, reduces when thermal power is generated with imported fuel.

In services