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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » First Quarter GDP grows 6.4% in 2015 – Dept. of Census

First Quarter GDP grows 6.4% in 2015 – Dept. of Census

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
The first quarter of 2015 Sri Lanka's economy has recorded 6.4% growth according to Census and Statistics Department. Figures indicates that the service sector contribution is over half of the Gross Domestic Product (GDP)
January – March 2015 GDP has increased up to Rs 912,534 million from Rs 857,479 million from first quarter of 2014 department's release of figures reveals.

Higher growth recorded by tea compared with the first quarter of 2014, which is a growth of 7.1 percent other food crops up by 4.9 percent, Coconut by 2.6 percent mining and quarrying up by 11.3 percent.

Statistics further reported high growth rates in manufacturing sector, which is 6.6 percent, electricity, gas and water...... by 9.5 percent, construction by 4.1 percent, wholesale and retail trade by 11.9% transport and communication by 4.0%, banking, insurance and real estate by 5.8% and government services by 6.9 percent.
The sub sectors of rubber, minor exports crops, and fishing contracted by 12.8 percent, 21.1% and 3.8 percent. "The value added of rubber sub sector has reported a huge negative growth of 12.8% in the first quarter of 2015," the statement further shows.


"The rubber production of the country has been continuously decreasing from first quarter of 2014."
The value added of the tea sub sector increased significantly by 7.1% in the first quarter of 2015 compared to the drop of 2.3% reported in 2014 first quarter.
New technologies used and the favourable weather conditions in tea growing areas increased the tea production in this quarter.
The industry sector which contributes 32.7% to the Gross Domestic Product grew 6.5% in the first quarter of 2015 compared to the growth of 12.6% in the first quarter of 2014.

The manufacturing sub sector, which gives the highest contribution of 54.3% to the industry sector, grew by 6.6% in this quarter from the year before.
Factory industry sub sector grew by 7.0% in the first quarter of 2015 with textile wearing apparels and leather products growing 10.4 percent.(RS)
Courtesy: Ceylon Financial Times 17 June 2015

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