World Economy

Lanka Economy Grows

Lanka Economy GrowsLanka Economy Grows

Sri Lanka’s gross domestic product grew 6.4% in the first quarter of 2015 with the agriculture sector growing 0.7%, industries 6.5% and services 7.5%, the country’s official website reported. The GDP grew 7.6% in the first quarter of the previous year. The three main pillars of the economy— agriculture, industries and services sectors—have shared the GDP at constant price (2002) by 10.9%, 32.7% and 56.3%, respectively in the first quarter of 2015. The sectors that reported higher growth rates compared to the first quarter of 2014 are tea by 7.1%, other food crops by 4.9%, coconut by 2.6%, mining and quarrying by 11.3%, manufacturing by 6.6%, electricity, gas and water by 9.5%, construction by 4.1%, transport and communication by 4.0%, banking, insurance and real estate by 5.8% and government services by 6.9%. Rubber, minor export crops and fishing showed negative growth rates as 12.8%, 21.1% and 3.8%, respectively.