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GDP grows 7.1 percent in Q1

Jun 25, 2010 12:28:55 PM - itnnews.lk

The country’s economy expanded 7.1 percent in the first quarter of this year compared with the same period a year ago. This is attributed to strong growth in tea, rubber, export crops and services.

The Department of Census and Statistics said the Gross Domestic Product in the January-March quarter at constant (2002) prices is estimated at 643,539 million rupees as against 601,084 million in the first quarter of 2009.

Inflation rate was 6.6 percent in the first quarter of 2010 compared with 7.8 percent in the same quarter of 2009. The three major sectors of the economy, agriculture, industry, and services registered growth rates of 9.0 percent, 6.9 percent, and 6.7 percent respectively in the first quarter of 2010 over the same quarter of previous year.

Significant growth came from tea which grew 47.2 percent during the quarter, rubber which grew 11.7 percent, minor export crops at 118.2 percent, construction 8.5 percent, hotels and restaurant at 61.0 percent, and transport and communications which expanded 10.4 percent.

The statistics office statement said the agriculture, forestry and fishing grew 9.0 percent growth during the period under review as against the growth of 3.6 percent during the same quarter the previous year.