Dec 16, Colombo: The economic output of Sri Lanka as measured by Gross Domestic Product (GDP) for the 3rd Quarter 2017 has recorded 3.3 percent growth compared to the same quarter in 2016, according to the data released by the Department of Census and Statistics Friday releasing the GDP Summary Indicators for the third quarter of 2017.
The Gross Domestic Product for Sri Lanka for the third quarter of 2016 (July, August, September) at constant (2010) price reached up to Rs. 2.35 trillion. The GDP value reported for the third quarter of 2016 was Rs. 2.28 trillion resulting a positive growth rate of 3.3 percent for the third quarter of 2017.
The four major components of the economy - Agriculture, Industries, Services and Taxes less subsidies- contributed to the GDP 7.6 percent, 27.8 percent, 56.3 percent and 8.3 percent respectively in the third quarter of 2017.
During the third quarter of 2017, the 'Services activities' continued to expand further by 4.3 percent, while 'Industrial Activities' recording a marginal growth rate of 1.9 percent.
However, overall 'Agricultural activities' have reported a negative growth rate of 3.3 percent in the third quarter of 2017, which is the lowest growth rate ever reported in third quarter series, since 2010.
'Agriculture sector' of the economy has been affected badly mainly due to the unfavorable weather conditions (severe drought as well as heavy rainfalls) prevailed during almost last 2 years in many districts of the country, and as a result, 'Agriculture sector' has reported negative growth rates over the last 7 quarters, the Census and Statistics department said in its report.
The International Monetary Fund (IMF) projects Sri Lanka's economic growth to be below 4.5 percent this year amid the worst droughts the country experienced in history for three consecutive cultivating seasons.