Third quarter recovery threefold than first quarter:

GDP growth rate 4.2 percent

Census and Statistics Department Director General Suranjana Wijayaratna said at a media briefing at the Government Information Department yesterday that Sri Lanka’s overall GDP growth rate for the third quarter in year 2009 is 4.2 percent.

She further said,” the Main sectors that contributed to the growth of GDP are the Agricultural Sector minus 0.9 percent, Industrial sector 4.4 per cent and Service sector 5.1 percent.

The third quarter recovery is nearly threefold as that of of the first quarter performance”.

“Though the agricultural sector shows minus growth in this quarter, the second highest rate of paddy production was reported in this quarter since 1952. The Livestock and highland crop sectors show a positive growth in the GDP”.

Census and Statistics Department, Deputy Director Nalani Kumarasinghe said, “In the economy the progress Service sector has made a major contribution for this term”, and added, “the growth of the economy in this term has shown a ‘V’ shape recovery or a rapid recovery from the first quarter of 2009. This is an outstanding feature. It is a threefold recovery from the first quarter”.

The unemployment rate increment is 0.4 percent comparatively to the third quarter of 2008 which was 5.5 percent and in 2009, 5.9 percent.

Price Division Director D.C.A. Gunawardana said, “the Colombo Consumers’ Price Index in October 2009 was 209.4 and in November 2009 it was 211.0. According to expenditure of consumer goods and services there is an increment of Rs. 284.04”.

The rate of inflation increased to 2.8 percent in November 2009, he said. Census and Statistics Department Director General Suranjana Wijayaratna predicted that positive economic growth can be expected in the next quarter.