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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Economy suffers lowest 3Q GDP growth since 2009

Economy suffers lowest 3Q GDP growth since 2009

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Central Bank lowers growth target to 6.5 %

Sri Lanka's central bank has revised the island nation's 2012 economic growth target to 6.5 percent on Wednesday from an earlier 6.8 percent due to its tight monetary and fiscal policies, the deputy head of the monetary authority said.

"There will be slower than expected growth in the third quarter, which would be close to 5 percent or may be less than that," Nandalal Weerasinghe, deputy central bank governor, told Reuters in an interview.

"As a result, for the whole year, we have revised down the growth to 6.5 percent from the earlier 6.8 percent."

Sri Lanka has already revised down the growth target twice in 2012 from the original 8 percent after achieving a record 8.3 percent economic expansion last year. (Reuters)
http://www.ceylontoday.lk/16-20053-news-detail-central-bank-lowers-growth-target-to-65-.html

sriranga

sriranga
Co-Admin
The country’s economy in the third quarter has suffered its lowest growth since the end of the war, confirming the slowdown due to internal and external shocks.

The Census and Statistics Department yesterday revealed that economy in the third quarter period of July to September 2012 grew by 4.8% in comparison to 8.5% and 8% growth achieved in 3Q of 2011 and 2010 respectively. It was the lowest since the 4.2% growth rate achieved in the third quarter of 2009.

The 4.8% growth was on the back of 6.4% improvement achieved in the second quarter of this year. The latter was also down in comparison to 8% growth in comparable quarters of the previous two years.

The services sector, the dominant segment of the economy, grew by only 4.6% as opposed to 7.8% in the 3Q of last year, whilst the industry grew by 7.3% down from 10.8% a year earlier. The Agriculture, forest and fishing contracted by 0.5% in comparison to a 6.5% growth in 3Q of last year.

However, the fishing sub-sector grew by 14% though down from 17% growth achieved a year earlier whilst the agriculture, livestock and forestry declined by 2.3%, as opposed to 5.3% growth in 3Q of 2011.

In the industry, construction remained robust with 16.5% growth marginally lower in comparison to 17.3% a year earlier. The manufacturing sub sector grew by 3.3% down from 7.7% whilst the mining and quarrying grew by 16.2%, as opposed to 19.6%. Electricity, Gas and Water sub sector contracted by 0.4% in comparison to 7.1% growth a year earlier.

Under the services sector, wholesale and retail trade grew by 2.2% down from 9.5% in 3Q of 2011 whilst other subs sectors managed to grow either equal to last year’s 3Q or slightly lower. A few sub sectors reported higher growth as against 3Q of last year with post and telecommunications up by 13.7% in comparison to 8.4% growth being one of those.

In tandem with release of third quarter data, Central Bank yesterday revised downwards its growth forecast for 2012, to 6.5% from 6.8% earlier. However in 2013, the Central Bank is expecting a rebound in the economy.
http://www.ft.lk/2012/12/20/economy-suffers-lowest-3q-gdp-growth-since-2009/

http://sharemarket-srilanka.blogspot.co.uk/

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