Sri Lanka’s GDP slows down to 4.8% in Q3
Sri Lanka recorded an economic growth of 4.8 per cent in the third quarter of 2015 compared to a downwardly-revised 6 per cent growth in April-June as services including trade slowed overall expansion, according to the data released by the Department of Census and Statistics (DCS). The economic growth rate of the country for the first three quarters has been estimated as 5.2 per cent
The highest contribution to the GDP was from the service sector with 57.1 per cent while the industry sector’s contribution was 26.7 per cent and agriculture sector contributed 7.2 per cent. The other major component to the economy, taxes minus subsidies contributed 9 per cent in the third quarter of 2015. During the period, agriculture grew by 6.9 per cent, Industries by 6.2 per cent and Services by 3.4 per cent.
Services, which account for over half of growth, had annual expansion of 7.9 per cent in the previous quarter.
The services sector at current market prices has brought in Rs. 1.62 trillion to the Q3 GDP of Rs. 2.87 trillion. Contribution from industry sector stood at Rs. 793 billion and agricultural sector contributed Rs. 206 billion.
Textile and apparel manufacturing a decline of 2.4 per cent, DCS said.
Sri Lanka exported goods valued at Rs. 350 billion while imported Rs. 629 billion worth of goods in Q3 2015.