Sri Lanka GDP accelarates to 3.7-pct in Q1 2019

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June 20, 2019 (LBO) – Sri Lanka’s economic growth rate is estimated as 3.7 percent for the first quarter of 2019, data from the state statistics office show.

The Gross Domestic Product (GDP) at constant (20 I0) prices for the first quarter of 2019 recorded as 2,326,273 million rupees and GOP reported for the first quarter of 2018 was 2,242,552 million rupees.

The four major components of the economy agriculture, industry, services and taxes less subsidies on products have contributed their shares to the GOP at current price by 6.9 percent, 31.6 percent, 53.9 percent and 7.7 percent respectively in this quarter.

The agricultural activities further expanded favorably by 5.5 percent compared to the expansion of 5.1 percent recorded in the first quarter of 2018.

The industrial activities expanded satisfactorily by 3.0 percent in the first quarter of 2019 compared to the 1.7 percent recorded in the first quarter of 2018.

Service activities reported further expansion of 4.1 percent during the first quarter of 20 19, compared to the first quarter of 20 18.

Among the sub activities of agriculture, ‘growing of rice’ has expanded by 13.1 percent in this quarter compared to the first quarter of 2018.

‘Growing of oleaginous fruits including coconut’ achieved an outstanding growth rate of 35.6 percent in this quarter compared to the recorded negative growth rate of 15.7 in the first quarter 2018.

Meanwhile’ animal production’ , ‘growing of fruits’ , ‘plant propagation activities and support services to agriculture’ and ‘ growing of vegetables’ recorded substantial growth rates of 9.4 percent, 8.1 percent, 6.9 percent and 4.7 percent respectively in the first quarter of 20 19 compared to the first quarter of 2018.

The sub activities of ‘growing of cereals, ‘marine fishing’ and ‘growing of tea ‘showed contractions of 12.9 percent, 2.0 percent and 1.7 percent within the first quarter of2019.

In industrial activities, the sub activities of ‘construction’ and ‘mining and quarrying’ grew by 6.9 percent and 5.8 percent respectively.

Within the manufacturing activities, ‘ manufacturing of coke and refined petroleum products’ reported a considerable expansion of 94.8 percent, while ‘manufacture of furniture’ , ‘manufacture of food beverages and tobacco products’, ‘ manufacture of textile, wearing apparels and leather products’ and “manufacture of rubber and plastic products’ reported expansions of 5.7 percent, 2.3 percent, 1.9 percent and 1.6 percent respectively within the first quarter of 2019.