Sri Lanka GDP grows 3.2-pct in 2018

Mar 21, 2019 (LBO) – The Department of Census and Statistics (DCS) releasing the estimated Gross Domestic Product (GDP) data said the islands economic growth rate for the year of 20 18 has been estimated as 3.2 percent.

The GDP  for Sri Lanka for the year of 20 18 (January to December) at constant (2010) price has reached up to  9,644,728 million rupees while GDP value reported for the year of 2017 was 9,344,839 million rupees.

The four major components of the economy; agriculture, industry, services and taxes less subsidies on products have contributed their share to the GDP at current price by 7.9 percent, 27.0 percent, 56.8 percent and 8.3 percent respectively for the year 2018.

During the year of 2018, agricultural activities expanded favorably by 4.8 percent compared to the contraction of 0.4 percent reported in the year of 2017.

The Industrial activities recorded slight positive expansion by 0.9 percent and Service activities reported 4.7 percent of outstanding growth during the year of 2018, compared to the year of 20 17.

The DCS revealed that the GOP at constant price for the 4th quarter of 2018 has been estimated as 2,680,362 million rupees registering 1.8 percent of growth rate compared to the 4th quarter of 2017.

During the 4th quarter of 2018, the Agricultural activities have reported 4.5 percent of substantial expansion and
services activities have recorded remarkable positive growth rate of 4.3 percent.

However during the last quarter of 2018, the industrial activities have reported a negative growth rate of 3.6 percent.