Lanka records 6.1 per cent growth rate

COLOMBO: The recorded growth rate of 6.1 percent in the Gross Domestic Products (GDP) in the first quarter of this year is encouraging in the non-agriculture sector although the agriculture sector was unable to record a growth during this period due to unfavourable weather conditions, states the Central Bank of Sri Lanka in a press release.

Issuing a media statement on National income estimates’ - first quarter 2007 the statistics Department of the Central Bank of Sri Lanka said that “the first quarter growth figures indicate a healthy growth in the non-agriculture sector, which is encouraging.

There is also potential for this sector to improve over the succeeding quarters. The agriculture sector also has shown signs of recovery and this trend is expected to continue, the statement said.

According to the statistics compiled by the Department of Census and Statistics (DCS), the Gross Domestic Product (GDP) in the first quarter of 2007 recorded a growth rate of 6.1 per cent, continuing the growth momentum experienced since 2005.

The services sector also recorded a healthy growth of 7.1 per cent over a growth of 8.0 per cent recorded last year. On that basis, the non-agriculture sector grew by 7 per cent in the first quarter of 2007.

The first quarter growth figures indicate a healthy growth in the non-agriculture sector, which is encouraging. There is also potential for this non agriculture sector to improve over the succeeding quarters.

The agriculture sector too, has shown signs of recovery over the 2nd quarter and such trend is expected to continue. Such recovery would be a critical factor in the original growth estimates being realized.