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Sri Lanka Economy Grows 8.5 percent in 2010
Sri Lanka's economy is estimated to have grown by 8.5 percent during the second quarter of 2010 from a year earlier, which is the highest quarterly growth rate recorded since 2002, the government's statistics office said.
Agriculture
The statistics office said tea production grew 5.1 percent, rubber 3.9 percent helped by strong prices, while coconut output fell 7.9 percent. Paddy had grown 10.2 percent with the highest ever recorded paddy area during the 'Maha' cultivation season since 1952.
Livestock production had grown 3.2 percent with milk production increasing 9.1 percent to 58.1 million litres in the second quarter, helped by the end of war in the eastern province.
Higher costs had reduced chicken production by 5.2 percent and eggs by 0.9 percent.
The fishing industry was up 18.3 percent in the second quarter with inland fishing up by 15.7 percent and marine fishing up by 18.6 percent.
Marine fishing was helped by the end of the war, with fish output in the Northern province up by 134.1 percent and Eastern province up 45.8 percent. In other areas production had fallen due to migration of fisherman to the North, the statistics office said.
Industry
Within industry, manufacturing had grown by 8.9 percent. Textile, apparel and leather had growth 7.9 percent, and chemicals, petroleum and plastics by 15.9 percent.
Electricity, gas and water had grown 7.5 percent and electricity generation was up 8.2 percent with hydro power up 37.7 percent and thermal power down 7.1 percent. Higher hydro power output indicates higher value addition.
Construction had grown 9.3 percent, driven mainly by large scale state projects, the statistics office said. Cement production had increased 23.5 percent against an 8.7 percent fall a year earlier.
A building material import index showed an increase of 32.1 percent during the quarter against a fall of 29.3 percent a year earlier. But last year also construction was estimated as having grown by a positive 5.4 percent.
Services
The 8.8 percent growth in the services sector was driven by wholesale and retail trade, hotels and communication, the statistics office said.
Export trade had growth 5.0 percent, import trade 13.2 percent against a 22.2 percent drop a year earlier. Domestic trade was estimated to have grown 7.5 percent.
Hotels and restaurants were estimated to have grown 25.5 percent against a fall on 0.4 percent a year earlier, when the country was at the height of a war.
Transport and communications had growth 12.9 percent against 5.7 percent last year, with passenger and goods transport up 13.0 percent. New registrations of motor vehicles were up 78.6 percent against a decline of 36.2 percent last year.
Port and aviation sector had grown 15.9 percent, posts and telecoms were up 12.1 percent. Banking, insurance and real estate had grown 8.5 percent up from 5.4 percent. Interest income at banks had dropped 9.9 percent with falling interest rates.
Sri Lanka economy grows 8.5-pct: statistics office - LANKA BUSINESS ONLINE
Sri Lanka's economy is estimated to have grown by 8.5 percent during the second quarter of 2010 from a year earlier, which is the highest quarterly growth rate recorded since 2002, the government's statistics office said.
Agriculture
The statistics office said tea production grew 5.1 percent, rubber 3.9 percent helped by strong prices, while coconut output fell 7.9 percent. Paddy had grown 10.2 percent with the highest ever recorded paddy area during the 'Maha' cultivation season since 1952.
Livestock production had grown 3.2 percent with milk production increasing 9.1 percent to 58.1 million litres in the second quarter, helped by the end of war in the eastern province.
Higher costs had reduced chicken production by 5.2 percent and eggs by 0.9 percent.
The fishing industry was up 18.3 percent in the second quarter with inland fishing up by 15.7 percent and marine fishing up by 18.6 percent.
Marine fishing was helped by the end of the war, with fish output in the Northern province up by 134.1 percent and Eastern province up 45.8 percent. In other areas production had fallen due to migration of fisherman to the North, the statistics office said.
Industry
Within industry, manufacturing had grown by 8.9 percent. Textile, apparel and leather had growth 7.9 percent, and chemicals, petroleum and plastics by 15.9 percent.
Electricity, gas and water had grown 7.5 percent and electricity generation was up 8.2 percent with hydro power up 37.7 percent and thermal power down 7.1 percent. Higher hydro power output indicates higher value addition.
Construction had grown 9.3 percent, driven mainly by large scale state projects, the statistics office said. Cement production had increased 23.5 percent against an 8.7 percent fall a year earlier.
A building material import index showed an increase of 32.1 percent during the quarter against a fall of 29.3 percent a year earlier. But last year also construction was estimated as having grown by a positive 5.4 percent.
Services
The 8.8 percent growth in the services sector was driven by wholesale and retail trade, hotels and communication, the statistics office said.
Export trade had growth 5.0 percent, import trade 13.2 percent against a 22.2 percent drop a year earlier. Domestic trade was estimated to have grown 7.5 percent.
Hotels and restaurants were estimated to have grown 25.5 percent against a fall on 0.4 percent a year earlier, when the country was at the height of a war.
Transport and communications had growth 12.9 percent against 5.7 percent last year, with passenger and goods transport up 13.0 percent. New registrations of motor vehicles were up 78.6 percent against a decline of 36.2 percent last year.
Port and aviation sector had grown 15.9 percent, posts and telecoms were up 12.1 percent. Banking, insurance and real estate had grown 8.5 percent up from 5.4 percent. Interest income at banks had dropped 9.9 percent with falling interest rates.
Sri Lanka economy grows 8.5-pct: statistics office - LANKA BUSINESS ONLINE
