GDP growth eight percent
Second highest ever recorded quarterly:
The economic output of Sri Lanka as measured by Gross Domestic
Product (GDP) for the Q3 (July-September), of 2010 at constant (2002)
prices is estimated at Rs 690.7 billion as against Rs 639.3 billion in
the Q3 of 2009, registering an eight percent growth rate the Census and
Statistics Department said yesterday.
This growth rate is noteworthy as it is the second highest ever
recorded quarterly GDP growth since 2002. The three major sectors of the
economy namely, Agriculture, Industry, and Services registered
significant growth rates as 6.2 percent, 8.8 percent and eight percent
respectively, in the Q3 of 2010 over the same quarter of previous year.
The percentage share of the three major sectors, the Agriculture,
Industry, and Services to the total GDP reported as 12.0 percent, 28.5
percent and 59.5 percent respectively.
The “Agriculture, forestry, and fishing” sector showed a 6.2 percent
growth during the Q3 of 2010 as against the growth of (-) 0.5 percent
during the same quarter previous year. The growth rate of tea production
is registered as two percent for the Q3 2010 as against (-) 2.1 percent
for the Q3 2009. The value added of rubber production grew by 15.9
percent for this quarter as against the (-) 3.4 percent the same quarter
of the last year.
The real terms value added of the industry sector grew by 8.8 percent
in the Q3 2010 against 4.4 percent growth in Q3 of 2009. The
manufacturing sector which is the largest portion of industry sector
grew by 6.5 percent in the Q3 of 2010.
The higher growth of factory industry was supported by the higher
growth of Chemicals, Petroleum, rubber and plastic products by 9.8
percent, Non-metallic mineral products by 11.3 percent and Fabricated
metal machinery and equipment by 9.7 percent and Textile, wearing
apparel and leather products by 3.2 percent.
Construction sub sector grew by 11.3 percent in the Q3 of 2010 as
against 6.4 percent growth in the same quarter previous year. This Q3
growth is the highest ever recorded quarterly growth achieved since
2002.
The overall service sector marked eight percent growth in the Q3 2010
against 5.1 percent growth in the same quarter of 2009 marking the ever
highest growth in a third quarter since 2002. This recorded 8 percent
high growth in Q3 2010 has been boosted by the promising higher growth
of its major sub sectors such as Hotels and restaurants by 32.2 percent,
Transport and communication by 12.4 percent, Banking, insurance and real
estate by 8.5 percent, and Wholesale and retail trade by 7.7 percent.
The export trade sector grew by 1.2 percent at constant prices for
the Q3 2010. According to trade indices of CBSL, export volume and
export price level increased by 0.9 percent and by 4.7 percent
respectively during the reference quarter.
The import trade sector grew by 11.8 percent in the reference period
as against a 1.5 percent drop in the same quarter of the previous year.
Domestic trade sector grew by 7.7 percent in the Q3 2010.
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