Sri Lanka achieved second best GDP growth since independence in 2010

This is the second best GDP growth ever achieved since independence .The highest ever achieved GDP growth in the history of the country was 8.2 percent, and it was recorded in the years of 1968 and 1978 the Department of Census Statistics (DCS) said in a statement.

The three major sectors of the economy namely, Agriculture, Industry, and Services registered significant growth as 7.0 percent, 8.4 percent and 8.0 percent respectively, in 2010 over the previous year.

The share of agriculture in GDP was 11.9 percent, that of industry 28.8 percent and services 59.3 percent.

Industry and Services Sectors grew unprecedentedly making highest ever growth since 2002 the statement said.

The sub sectors which registered relative significant growth among the major sectors in the reference year are “Tea” 13.1 percent, “Rubber” 12.7 percent, “Minor Export Crops” 37.6 percent, “Paddy” 17.5 percent, “Fishing” 12.2 percent, “Mining and Quarrying” 15.5 percent, “Construction” 9.3 percent, “Electricity Gas Water” 7.8 percent, , “Wholesale retail trade” 7.5 percent, “Hotels restaurant” 39.8 percent, “Transport communication” 11.9 percent, and “Banking, Insurance, Real estate” 7.5 percent.

However, the growth of Coconut sub sector dropped by (-) 14.3 percent in 2010 as against previous year.

The year on year (YOY) inflation as measured by Colombo Consumers’ Price Index is recorded as 5.9 percent in 2010 whereas it was 3.4 percent in 2009. The index number of GDP implicit price deflator rose to 211.8 in 2010, from 197.4 in 2009 registering inflation rate as 7.3 percent for the year 2010.

The “Agriculture, forestry, and fishing” sector showed a 7.0 percent growth in 2010 as against the growth of 3.2 percent the year before.

Industry sector grew by 8.4 percent in 2010 as against 4.2 percent growth in 2009. The manufacturing which is the largest sub sector of the industry sector grew by 7.3 percent in 2010.

The overall service sector marked 8.0 percent growth in 2010 as against 3.3 Percent growth in the year 2009 making the highest ever growth in the annual Series, since 2002.

– Asian Tribune –

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