Sri Lanka GDP growth 1.6-pct in Q2

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Sep 19, 2019 (LBO) – Sri Lanka’s Gross Domestic Product (GDP) growth rate for the second quarter of 2019 has been estimated as 1.6 percent, a new report said.

The GDP for the second quarter of 2019 at current price and constant (2010) price have reached up to 3,620,736 million rupees and 2,315,995 million rupees respectively, the state statistics office said in their latest report.

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 prices by 7.4 percent, 25.8 percent, 59.5 percent and 7.4 percent respectively in the second quarter.

During the second quarter of 2019, the agriculture, industry and services activities continued to expand further by 1.0 percent, 1.4 percent and 1.6 percent respectively.

In the second quarter of 2019, the overall industry acttvitres have further expanded by 1.4 percent.

During the second quarter of 20 19, the performance of services sector was underpinned specially by the sub activities of ‘ IT programming consultancy and related activities’, ‘ financial service activities’, ‘telecommunication’ and ‘insurance, reinsurance and pension funding’ which reported significantly higher growth rates of 12.0 percent, 8.1 percent, 7.4 percent and 6.7 percent respectively compared to the second quarter 2018.