Tuesday September 18 2018
Sri Lanka GDP Annual Growth Rate at 3.70 percent
The Sri Lanka economy grew by 3.7% YoY in the second quarter of 2018, up from an upwardly revised 3.5% gain in the preceding period. It was the highest growth rate since Q4 2016, as the output expanded faster for industrial activities (2.3% from 1% in Q1), mostly for manufacturing (+3.2%) – due to higher production of food, beverages & tobacco; textiles & wearing apparels and coke & refined oil products -; construction (+1.4%) and electricity, gas, steam & air supply (+2.3%). Additionally, services sector output advanced 4.8%, compared to 4.4% in Q1 2018, mainly as a result of a solid performance of wholesale & retail trade (+4.9%); accommodation, food & beverage services (+6.4%); telecommunication services (+14.4%); information technology services (+9%) and financial services (+12%). On the other hand, output went up at a softer pace for agriculture (4.5% from 4.8%), as production slowed for tea (7.1%) and rubber (11.9%) and fell for marine fishing (-0.5%).