Sri Lanka economy grew 3.1-pct in 2017: Statistics Dept.

Mar 20, 2018 (LBO) – Sri Lanka’s statistics office says economic growth rate for the year 2017 has been estimated as 3.1 percent. Agriculture, Industry, Services and Taxes less subsidies on products have contributed their share to the GDP at current price by 7.7 percent, 27.2 percent, 55.8 percent and 9.3 percent respectively for the year 2017. "Agriculture sector has been affected badly mainly due to the unfavorable weather conditions (severe drought as well as heavy rainfalls) prevailed during last 2 years in many districts of the country," the statistics office said. "As a result, the agriculture sector has reported 0.8 percent of negative growth rate for the year 2017.

" During the year 2017 highest growth rate of 3.9 percent was reported for overall Industrial activities. Meanwhile the Services activities have grown by 3.2 percent, compared to the previous year. The statistics office revealed that the GDP for the 4th quarter of 2017 has been estimated as 3.

2 percent compared to the 4th quarter of 2016. During the 4th quarter of 2017, the Industrial activities have reported 2.7 percent of expansion and Services activities have recorded positive growth rate of 3.2 percent. However during the last quarter of 2017, Agricultural activities have reported a positive growth rate of 7.

1 percent.