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2017 sinks to slowest economic growth in 16 years

2018-Mar-21 by  News Admin  

The country’s economy in 2017 had grown by only 3.1%, the slowest rate in 16 years and lower than the 4.4% achieved in 2016, as per data released yesterday by the Department of Census and Statistics (DCS).

The Gross Domestic Product for Sri Lanka for 2017 (January to December) at constant (2010) price has reached Rs. 9,315,488 million while GDP value reported for 2016 was Rs. 9,034,290 million. 

The four major components of the economy - agriculture, industry, services and taxes – less subsidies on products have contributed their share to the GDP at a current price by 7.7%, 27.2%, 55.8% and 9.3% respectively for 2017.

DCS said Sri Lanka had experienced inclement weather since 2016. The agriculture sector of the economy has been badly affected mainly due to the unfavourable weather conditions, severe drought as well as heavy rainfall, which prevailed during the last two years in many districts of the country, and as a result the agriculture sector has reported negative quarterly growth rates in all quarters other than the fourth quarter of 2017. 

Sources : news24

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