Mar 16, Colombo Sri Lanka's economy grew at a positive rate of 4.4 percent last year despite the impact of the inclement weather, first disastrous floods and later the drought, on agricultural activities, the Census and Statistics Department said on Thursday releasing the GDP Summary Indicators for the 4the Quarter of 2016 and for the year.
Sri Lanka experienced severe flood in second quarter of 2016 and the drought prevailed during the year, may have had impact on the agriculture activities of the country, a Census and Statistics Department communiqué said.
Economic growth rate for the year of 2016 has been estimated as 4.4 percent while economy grew during the 4th quarter of 2016 at an estimated 5.3 percent.
The Gross Domestic Product for Sri Lanka for the year of 2016 (January to December) at constant (20 I 0) price has reached up to Rs. Million 9,0 I2,026. The GDP value reported for the year of 20 I 5 was Rs. Million 8,633,890.
The four major components of the economy, Agriculture, Industries, Services and Taxes less subsidies contributed to the GDP 7.5 percent, 27.1 percent, 57.0 percent and 8.4 percent respectively for the year 2016.
During the year 2016, highest growth rate of 6.7 percent was reported for overall Industrial activities mainly from Construction and mining activities.
Meanwhile the Services activities have grown by 4.2 percent, compared to the previous year and given the highest contribution (57.0 percent) to the GDP mostly from 'Financial service activities', 'Insurance activities', 'Telecommunication', 'Programming and broadcasting activities', 'Education service' and 'IT Programming consultancy'
However, the growth of agricultural activities declined 4.2 percent as most of the major agricultural activities - rice, tea, rubber and cereals - have reported negative growth rates during the year 2016, when compared with 2015.