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Economy shows 3.3% growth in 3Q

2017-Dec-19 by  News Admin  

The Department of Census and Statistics (DCS) states that the GDP growth rate for the third quarter of 2017 has been estimated as 3.3%.

The Gross Domestic Product for Sri Lanka for the third quarter of 2017 at constant (2010) price has reached up to Rs. 2,351,384 Million and the GDP reported for the third quarter of 2016 was Rs. 2,276,896 million. The four major components of the economy; ‘Agriculture’, ‘Industry’, ‘Services’ and ‘Taxes less subsidies on products’ has contributed their share to the GDP at current price by 7.6%, 27.8%, 56.3% and 8.3% respectively in the third quarter of 2017. During the third quarter of 2017, the ‘Services activities’ continued to expand further by 4.3%, while ‘Industrial Activities’ recording a marginal growth rate of 1.9%. However, overall ‘Agricultural activities’ have reported a negative growth rate of 3.3% in the third quarter of 2017, which is the ever reported lowest growth rate in third quarter series, since 2010. Among the three major activities, the ‘Services activities’ which gave the highest contribution

(56.3%) to the GDP, has grown by 4.3% during the third quarter of 2017, when compared to the same quarter in the year 2016.

The performance of Services sector was underpinned specially by the sub activities of ‘Financial service activities’, ‘Telecommunication’, ‘Human health activities’, and ‘Insurance’ which reported significantly higher growth rates of 19.6%, 19.5%,19.3 %, and 10.9% respectively. In addition, ‘Accommodation, food and beverage serving activities’, ‘IT Programming and consultancy’, ‘Wholesale and retail trade’ and ‘Other personal services activities’, have expanded marginally during this quarter.

Sources : dailynews

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