Sri Lanka GDP grows 7.8% in Q2 2014
Sri Lanka's GDP growth (Economic growth) for the Q2 2014 has recorded a 7.8 percent compared to same quarter of 2013, stated the Department of Census & Statistics in its quarterly GDP report released on Monday.
According to the report, the three main contributors to the economy, Agriculture, Industries and Services sectors has recorded significant growth for the quarter. Agriculture Sector contributed to the GDP by 10.6 percent, Industries Sector by 31.5 percent and Services Sector by 58 percent.
The main sub sectors "Agriculture livestock and forestry" and "Fishery" has achieved rates of growth of 5.9 percent and 10.5 percent respectively in 2014 second quarter, compared to 2013 second quarter. 'Tea' and 'Coconut production' showed a striking increase of 7.1 percent and 9.4 percent respectively over the corresponding time period, and sub sector 'vegetables' which shares the 3.3 percent of GDP, has increased by 8.9 percent during this period. Inland fishery has shown an outstanding increase of 73 percent in this quarter compare to the second quarter of 2013.
lndustry sector all together shows a 12.2 percent increase within this period. Under the industry sector, 'Gem Mining', 'Textile, Wearing Apparel and Leather products' 'Chemical, petroleum, coke, rubber and plastics and 'Construction' sub sectors has achieved 15.8 percent, 15.9 percent, 16.9 percent and 19.7 percent growth rates respectively compared to the 2013 second quarter. In the service sector 'Hotels and Restaurants' has reported highest rate of increase by 20.5 percent and this is followed by 'export trade' 11.1 percent and 'domestic trade' 10.1 percent.
Meanwhile the growth rates of sub sectors of 'Rubber', 'Paddy', 'Minor Export Crops' and 'Import tra has decreased by 3.7 percent, 5.7 percent, 16.5 percent, and 3.3 per nt{espectively during the period of review. (ST)
