Economy recovers to 3.7% growth

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The Department of Census and Statistics (DCS) in releasing National Accounts estimates for the second quarter of 2018 yesterday said that economic growth rate of the country is estimated as 3.7% for the second quarter of 2018. The Gross Domestic Product at constant (2010) prices for the second quarter of2018 recorded as, Rs. 2,264,445 million, and GDP reported for second quarter of 2017 was Rs. 2,183,122 million.

The four major components of the economy – Agriculture, Industry, Services and Tax – less subsidies on products have contributed their shares to the GDP at current price by 8.4%, 25.6%, 57.1% and 8.9% respectively.In 2Q, Agricultural activities expanded favourably by 4.5%, compared to the contraction of 3.1% reported in the second quarter of 2017. The Industrial activities performed a slight expansion of 2.3% and Service activities expanded further by 4.8% during the second quarter of 2018, compared to second quarter of 2017.

Among the sub activities of Agriculture, ‘Growing of Cereals, ‘Growing of Rice’, ‘Growing of Vegetables’ and ‘Growing of Oleaginous fruits including coconut’ have expanded by 19.2%, 59.3%, 9.6% and 5.4% respectively recovering the heavy contractions recorded in the second quarter of 2017. The sub activities of ‘Growing of fruits,’ Growing of Spices,’ ‘Animal production’ and ‘Fresh water fishing’ have further expanded by 6.9%, 3.1%, 2.6% and 32.8% respectively. In the meantime ‘Growing of Tea and ‘Growing of Rubber’ reported substantial declines of 7.1% and 11.9% while a slight contraction of 0.5% is recorded for ‘Marine Fishing’.

The Industrial activities which share one fourth of the GDP in the second quarter of2018,  expanded by 2.3%. The manufacturing sector alone has expanded further by 3.2% during this period, supported mainly by the sub activities of ‘Manufacture of food, beverages and tobacco,’ ‘Manufacture of textile and wearing apparels,’ ‘Manufacture of coke and refined petroleum products,’ ‘Manufacture of basic metals and fabricated metals’ and ‘Manufacture of furniture,’ which recorded positive growth rates of 5.2%, 1.9%, 22.4%, 6.3% and 5.9% respectively.

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