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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka economy grows 6.0-pct in 2013 first quarter

Sri Lanka economy grows 6.0-pct in 2013 first quarter

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salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
June 18, 2013 (LBO) - Sri Lanka's gross domestic product grew 6.0 percent in the first quarter of 2013 from a year earlier, slowing from 8.0 percent last year and 6.3 percent in the fourth quarter of 2012, the state statistics office said.
Agriculture grew 2.0 percent (slowing from 12.0 percent last year), industry grew 10.7 percent (from 10.8 percent last year) and services grew 4.3 percent down from 5.8 percent last year.
The first quarter of 2012 was when the breaks were put on a credit bubble that pushed Sri Lanka into a balance of payments crisis.
The statistics office said the implicit GDP deflator was 8.5 percent for the quarter, close to inflation measured by the Colombo consumer price index of 9.0 percent.
Nominal GDP grew to 2,048 billion rupees in the quarter from 1,782 billion rupees in the same quarter last year.
In agriculture tea grew 8.1 percent but rubber fell 23 percent and coconut fell 7.4 percent in real terms, the statistics office said. Paddy was flat at 0.1 percent growth. Fishing grew 13.9 percent with inland fisheries declining and marine fisheries up 17 percent.


In manufacturing, textile, apparel and leather grew 6.8 percent, mining and quarrying up 17.8 percent. Electricity was up 12.3 percent, gas down 5.9 percent and water up 4.3 percent.
Construction was up 18.2 percent.


In services, wholesale and retail trade grew just 1.0 percent with import trade down 6.1 percent, exports down 5.1 percent and domestic trade up 7.5 percent. Hotels and restaurants continued to grow strongly by 18.6 percent. Post and communications was up 10.7 percent and cargo handling and civil aviation was down 0.5 percent


http://www.lankabusinessonline.com/news/sri-lanka-economy-grows-6.0-pct-in-2013-first-quarter/1921368597

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