June 16, Colombo: Sri Lanka's economy grew 7.6 percent in the first quarter of 2014 , the Department of Census and Statistics said in its Quarterly Estimates of Gross Domestic Product report released Monday.
The economic output of Sri Lanka as measured by the GDP for the 1st quarter 2014 slowed down from the 8.g percent recorded in the fourth quarter of 2013.
According to the Census and Statistics Department, the economic output of Sri Lanka as measured by Gross Domestic Product (GDP) for the first quarter of 2014 from January to March was estimated at Rs. 857.497 billion.
While the agriculture sector, one of the three major sectors of the economy grew marginally by 0.2 percent in the quarter, Industry and Services sectors recorded 12.6 percent and 6.5 percent increases respectively contributing to the overall growth.
The percentage share of the three major sectors, the Agriculture, Industry, and Services to the total GDP reported as usual at 11.5 percent, 32.7 percent, and 55.8 percent respectively.
In Agriculture Sector Tea industry showed a growth of 9.2 percent and coconut production increased 23.2 percent Year-on-Year in Q1 2014 while rubber production declined 21.8 percent. Rice production grew modestly by 6.6 percent YoY and Minor Crops showed a significant growth of 47.2 percent in Q1 2014.
In Industry Sector, Manufacturing grew 19.2 percent YoY while in Services sector, Wholesale and retail trade showed a strong growth of 20.4 percent YoY in Q1 2014. Transport and communication also posted a significant growth of 11.8 percent YoY in the quarter.
Colombo Consumers' Price Index which reflects the average price level of consumers' goods is increased to 177.7 in the Q1 2014 from 176.4in the Q4 of 2013.