World Economy

Sri Lanka GDP Grows

Sri Lanka GDP GrowsSri Lanka GDP Grows

Sri Lanka’s economy has grown 6.7% in the second quarter of 2015 against the 6.4% growth rate recorded in the first quarter, the statistics department said.

Agriculture sub sector has grown by 5%, industry by 2% and services by 7.9%, the department said, Lanka Business online reported.

After a re-basing exercise in July this year, the department said the new growth rate for the first quarter of 2015 was 5.1%. The Department said GDP for the second quarter 2015 is based on production approach following re-basing exercise.

In the second quarter of 2015, the highest contribution to GDP as in previous quarters, was mainly through services activities (61.2%). Industry and agriculture, forestry and fishing has shared the GDP by 23.5% and 7.5% respectively.

A new item called ‘taxes less subsidies on products’ have been introduced in the national accounts which accounted for 7.9% share of the GDP.

In the new series of National Accounts, the GDP of the economy has been derived by adjusting the ‘taxes less subsidies on products’ to the total gross value added, the department said.

In comparison with the second quarter of 2014, with the same period of 2015, the sub-activity of ‘marine fishing and marine aquaculture’ has recorded a 7.5% growth rate.

The sub-activity of ‘fresh water fishing and fresh water aquaculture’ has reported a sharp decline of 21.9%.