June 24, 2010 (LBO) – Sri Lanka’s economy expanded 7.1 percent in the first quarter of the year compared with the same period a year ago helped by strong growth in tea, rubber, export crops and services, the Department of Census and Statistics said.
The Gross Domestic Product (GDP) of Sri Lanka in the January-March quarter at constant (2002) prices is estimated at 643,539 million rupees as against 601,084 million in the first quarter of 2009.
Inflation rate was 6.6 percent in the first quarter of 2010 compared with 7.8 percent in the same quarter of 2009.
The three major sectors of the economy, agriculture, industry, and services registered growth rates of 9.0 percent, 6.9 percent, and 6.7 percent respectively in the first quarter of 2010 over the same quarter of previous year.
Significant growth came from tea which grew 47.2 percent during the quarter, rubber which grew 11.7 percent, minor export crops at 118.2 percent, construction 8.5 percent, hotels and restaurant at 61.0 percent , and transport and communications which expanded 10.4 percent.
The statistics office statement said the agriculture, forestry and fishing grew 9.0 percent growth during the first quarter of 2010 as against the growth of 3.6 percent during the same quarter the previous year.
Tea production expanded 47.2 percent in the period compared with a contraction of 39.7 percent for the same 2009 quarter.
The department attributed the tea sector growth to recovery driven by favourable weather conditions and increased demand along with the “satisfactory” prices in global markets.
The value added in rubber production grew by 11.7 percent as against the 2.6 percent in the same quarter of the last year.
“The major reason for this growth was the increase in average price of rubber at Colombo auctions from 132.17 rupees a kilo in the first quarter of 2009 to 321.24 a kilo in the first quarter of 2010.
“This indicates a 143.1 percent price increase in the first quarter of 2010 which resulted in progress made in maintenance of rubber estates and tapping activities,” the statement said.
The construction sub sector grew 8.5 percent driven by new development projects underway.
The services sector grew 6.7 percent owing to recovery of major sub-sectors such as wholesale and retail trade, hotels and restaurants, and transport, and communications.
However, the growth rate in the same quarter of 2009 was as low as 1.0 percent.
source - www.lbo.lk
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