June 19, Colombo: Sri Lanka's economy grew at a positive rate of 372 percent during the first quarter of this year, the Census and Statistics Department said on Wednesday releasing the GDP Summary Indicators for the 1st Quarter 2019.
According to a Department statement, the Gross Domestic Product (GDP) at constant (20 I0) prices for the first three months of 2019 recorded as Rs.2,326,273 million and GDP reported for the first quarter of 2018 was Rs.2,242,552 million.
The four major components of the economy viz. Agriculture, Industry, Services and Taxes less Subsidies on products have contributed their shares to the GOP at current price by 6.9 percent, 31.6 percent, 53.9 percent and 7.7 percent respectively in this quarter.
The Agricultural activities further expanded favorably by 5.5 percent compared to the expansion of 5.1 percent recorded in the first quarter of 2018. The Industrial activities expanded satisfactorily by 3.0 percent in the first quarter of 2019 compared to the 1.7 percent recorded in the first quarter of 2018. Service activities reported further expansion of 4.1 percent during the first quarter of 20 19, compared to the first quarter of 20 18.
However, according to a Reuters poll despite the recovery at the start of the year Sri Lanka’s economy is expected to slump to a nearly two-decade low in 2019, as tourism, foreign investment and business activity took a hit in the aftermath of the Easter Sunday bombing attacks.