June 15, Colombo: Sri Lanka's economy grew at a positive rate of 3.8 percent during the first quarter of this year, the Census and Statistics Department said on Thursday releasing the GDP Summary Indicators for the 1st Quarter 2017.
According to a Department statement, the total economic output of Sri Lanka as measured by Gross Domestic Product (GDP) for the first three months of 2017 reached up to Rs. 2.161 trillion.
GDP reported for first quarter of 2016 was Rs. 2.082 trillion, resulting a positive growth rate of 3.8 percent for the first quarter 2016.
The four major components of the economy, Agriculture, Industries, Services and Taxes less subsidies contributed to the GDP by 7.0 percent, 30.8 percent, 52.3 percent and 9.9 percent respectively for the first quarter of 2017.
In the first quarter of 2017, the overall industry activities further expanded significantly recording
6.3 percent growth rate.
The Service activities which contribute a highest share of 52.3 percent to the overall GOP grew by 3.5 percent during the first quarter of 2017, compared to the same quarter in the year 2016.
Amidst unfavorable weather conditions, performance of agricultural activities further contracted and reported a negative growth rate of 3.2 percent.
The World Bank projects Sri Lanka's economy to grow by 4.7 percent in 2017 and marginally exceed 5.0 percent growth in the medium term, driven by private consumption and investment.