Monday, June 24, 2013

1Q GDP growth slows but still amongst world’s highest

Sri Lanka’s first quarter GDP growth slowed to 6% but still remains amongst the highest in the world, according to stock broking firm DNH Financial.

 It said Sri Lanka reported 1Q2013 GDP growth rate of 6.0% in line with its expectations. Growth was spearheaded by the industrial, services and agriculture sectors which rose by 10.7%, 4.3% and 2.0% compared to 10.8%, 5.8% and 12.0% reported during 1Q2012.

“We view this performance as satisfactory and indicative of the country’s resilience in an environment of globally heightened risk, while also setting the foundation for our expectation of 6.5% to 7.0% GDP growth rate for FY2013.

 With the exception of China, which has reported a GDP growth rate of 7.7% in 1Q2013, it is encouraging to note that Sri Lanka has outperformed all BRICS countries in terms of 1Q2013 GDP performance during the period,” DNH Financial said.

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