Jan 12, Colombo: Under the guidance of the President Gotabhaya Rajapaksa and Prime Minister Mahinda Rajapaksa, the Government is successfully tackling the global COVID pandemic and building economic stability in the country, the Ministry of Finance said.
The National Accounts Estimates for the third quarter of 2020, released in the midst of re-opening the country after the second wave of the COVID-19 pandemic have also revealed the figures numerically supporting the economic stability of the country, according to a statement released by the Finance Ministry.
According to the National Accounts Estimates Sri Lanka's agricultural sector grew by 4.3% in the third quarter of 2020 compared to the same quarter last year. The fact that people's lives are returning to normal after the first wave of the Covid epidemic has positively contributed to this growth.
This information is based on GDP and other macroeconomic indicators for Sri Lanka from July 1 to September 30, 2020, at current prices and at fixed prices.
Cultivations of Paddy, grain, vegetables, rubber, fruits and spices and animal production and freshwater fishing have contributed to the economic growth during this period.
During the third quarter 2020 the cultivation of grain has achieved remarkable growth. Grain cultivation has increased by 256.65% compared to the third quarter of the previous year. Freshwater fishing increased by 20.6% during the period. Paddy cultivation also shows a significant growth of 15.5%. Vegetable cultivation grew by 11.6% and rubber cultivation by 11.5%. Fruit cultivation grew by 8.3%. Spice cultivation and animal production grew by 6% and 2.8% respectively.
However, marine fishing has declined by 11.6% due to the effects of the Covid epidemic. In addition, the cultivation of oily fruits including coconut and tea has declined.
Sri Lanka's economic growth rate for the quarter is estimated at 1.5%.