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Economy Grows By 7.1% In First Quarter

Jun 26, 2010 3:03:53 AM - thesundayleader.lk

Ceylon Continental, Bank Of Ceylon, WTC

According to the Department of Statistics, the Sri Lankan economy grew 7.1% in the first quarter of 2010. The Gross Domestic Product is the market value of all goods and services made in the country. That value was Rs. million 643,539 from January to March. Last year it was Rs. million 601,084.

According to the report “The sub sectors which registered relative significant growth among the sectors in the first quarter of 2010 are “Tea” 47.2 percent, “Rubber” 11.7 percent, “Minor Export Corps” 118.2 percent, “Construction” 8.5 percent, “Hotels and Restaurant ”61.0 percent , and “Transport and Communication ” 10.4 percent.”

Inflation, as measured by the price of goods in the Colombo Consumer Price Index, was 6.6%, compared to 7.8% in the same quarter last year.

Post Conflict Growth

In the post conflict phase, paddy farming saw special growth.” The Eastern Province, Mannar and Jaffna districts recorded 10.6 percent, 65.1 percent, and 13.8 percent growth respectively.” The Mannar growth especially is much higher than the national growth of 8.9%.

Fisheries also saw high growth in these areas. “Marine fish production in Northern and Eastern provinces increased by 122.4 percent and 82.4 percent respectively, although overall fish production in other regions except the North and the East decreased by 27.7 percent in the first quarter of 2010.”

Post War

Tourism has also jumped with the end of conflict. “Hotels and Restaurants sector experienced the fastest growth in economic output in Q1 2010, as its value addition jumped 61.0 percent on the heels of a (-) 16.7 percent for the same quarter 2009. Tourists’ arrival increased from 106,702 in the Q1 2009 to 160,409 in the Q1 2010 indicating 50.3 percent growth.”

You can read the report in its entirety from the Department Of Statistics website (PDF). LBO and the AFP have also reported on the release.