Sri Lanka’s economy grew at 3.2% in the First Quarter of 2018

June, 19, 2018

The Census and Statistics Department yesterday said that Sri Lanka’s economy grew by 3.2% year on year in the first quarter of 2018, slowing marginally from 3.5% expansion seen in the fourth quarter of 2017.

Accordingly, the Gross Domestic Product (GDP) calculation, which uses 2010 as its base year, for the first quarter of 2018 had recorded as Rs. 2,223,856 million or Rs. 2.2 trillion, and GDP reported for first the quarter of 2017 was Rs. 2,154,971 million or Rs. 2.1 trillion.

Furthermore, Agriculture, Industry, Services and Taxes less subsidies on products, have contributed their shares to the GDP at current prices by 7%, 30.4%, 53.6%, and 8.9% respectively for the first quarter of 2018. Agricultural activities have expanded by 4.8%, and agriculture sector, which recorded negative growth rates consecutively over several quarters due to unfavourable weather conditions, seems to be recovered and commenced recording positive growth rates since fourth quarter 2017. Industrial activities have expanded marginally, recording a 1% growth rate during this period. Service activities have further expanded by 4.4% in the first quarter 2018, compared to the same quarter in the year 2017.

- Reporting by Devendra Francis