Sri Lanka’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.

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