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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Economy grows 7.9% in 1Q

Economy grows 7.9% in 1Q

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
June 18, 2012 (LBO) – Sri Lanka’s economy expanded by a slower 7.9 percent during the first quarter of this year, from the same period a year earlier, dragged down by a fall in farm output, the national statistics office said.

The Indian Ocean Island’s economy has quickened at a rapid pace since Sri Lanka's military crushed a nearly four-decade-long revolt by Tamil Tiger separatist rebels in May 2009 that killed tens of thousands of people, according to UN estimates.

Gross domestic product during the three months to March 2011, was 8.0 percent, the Department of Census and Statistics said.

The main industrial sector, which includes textiles and garments, construction and manufacturing, grew 10.8 percent in the first quarter of 2012, slower than 11.1 percent posted in the same quarter a year earlier.

The services sector, which includes tourism, telecommunications, ports and transport, expanded by 5.8 percent in 2012, over 9.5 percent a year earlier.

The agriculture sector grew by 11.5 percent in the quarter, from a contraction of 4.3 percent in the previous quarter of 2011.

Last Friday, the International Monetary Fund said the island’s economy may slow to 6.75 percent this year, slower than 7.2 percent forecasted by the Central Bank of Sri Lanka.

The Washington-based fund, however, said economic growth was still a tad higher in the context of global conditions.

John Nelmes, head of a mission to Sri Lanka said economic growth was weak due to tighter domestic conditions and weak external demand.

Nelmes and his team were visiting the island ahead of releasing the final instalment of 400 million dollars of the 2.6 billion dollar bailout package.

He said Colombo wanted more assistance as it emerges from a decades-long civil war, but declined to say how much was being sought.

"We have initiated a discussion of a programme to help Sri Lanka get deeper into a middle-income level country," Nelmes told reporters.

Sri Lanka secured the 2.6 billion dollar bailout in 2009, two months after the military ended the war and the island's foreign reserves had dropped to a dangerously low level of around a billion dollars.
http://lbo.lk/fullstory.php?nid=742496337

2Economy grows 7.9% in 1Q  Empty Re: Economy grows 7.9% in 1Q Mon Jun 18, 2012 9:07 pm

hariesha


Vice President - Equity Analytics
Vice President - Equity Analytics
This is more than most of the guys expected. Though IMF is predicted 6.75 it seems government estimate is more likely.

Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Jun 21, 2012 (LBT) - Data released by the Department of Census and Statistics yesterday showed that the Sri Lankan economy has expanded by 7.9 % at a steady pace in the first quarter of this year. Central Bank sources commenting on this economic growth said that it is better than what they expected.

As per the statistics released by the Census and Statistics Department the agriculture sector has registered a growth of 11.5 percent annually during the quarter, the industrial sector by 10.8% and the services sector 5.8% during the three-month period. At the same time, the country’s gross national product (GNP), which is the total value of all final goods and services produced within a particular period has grown by 8.2% compared to 8.4 percent during the first quarter last year.

Meanwhile, the Economic analysts have said that Sri Lanka’s gross domestic product (GDP) grew at a faster than expected pace in the first quarter of 2012, but tough policy measures and an uncertain global economic outlook threaten the full-year growth prospects.
http://www.lbt.lk/news/economic/2130-record-high

4Economy grows 7.9% in 1Q  Empty Economy grows 7.9% in 1Q Sun Jun 24, 2012 4:32 am

CSE.SAS

CSE.SAS
Global Moderator


Sri Lanka’s economy has recorded a healthy growth rate of 7.9 % during the first quarter of this year, from the same period a year earlier, the Department of Census and Statistics Sri Lanka announced.

The main industrial sector, which includes textiles and garments, construction and manufacturing, grew 10.8 percent in the first quarter of 2012, slower than 11.1 percent posted in the same quarter a year earlier.

The services sector, which includes tourism, telecommunications, ports and transport, expanded by 5.8 percent in 2012, over 9.5 percent a year earlier.
The agriculture sector grew by 11.5 percent in the quarter, from a contraction of 4.3 percent in the previous quarter of 2011.

During the first quarters of years 2010 and 2011, the gross domestic product (GDP) had grown by 7.1% and 8% respectively in comparison to the corresponding periods of the previous years.


http://www.nation.lk/edition/biz-news/item/7426-economy-grows-79-in-1q.html

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