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Sri Lanka's GDP grows 7.8% in second quarter of 2014

16 Sep '14
2 min read

The total economic output in Sri Lanka, measured by the Gross Domestic Product (GDP), increased by 7.8 percent to SL Rs. 840.653 billion in the second quarter of 2014, compared to GDP of Rs. 779.974 billion in the corresponding quarter of last year, the data released by the Department of Census and Statistics (DCS) Sri Lanka, showed.
 
As per the data, the three main pillars of the Sri Lankan economy—Agriculture, Industries and Services sectors—had a share of 10.6 percent, 31.5 percent and 58 percent, respectively, in the GDP at constant price (2002), during April-June 2014 quarter.
 
The industry sector, which contributed 31.5 percent to the national GDP, showed a growth of 12.2 percent in the second quarter of 2014, compared to the growth of 10.1 percent in the second quarter of 2013. 
 
Under the industry sector, ‘Gem Mining’, ‘Textile, Wearing Apparel and Leather products’, ‘Chemical, petroleum, coke, rubber and plastics’, and ‘Construction’ sub-sectors achieved 15.8 percent, 15.9 percent, 16.9 percent and 19.7 percent growth rates, respectively, compared  to the 2013  second quarter.
 
GDP implicit price deflator which measures the price change in the economy with respect to the base year (2002=100), increased to 269.2 in the second quarter of 2014 from 255.5 in the second quarter of 2013, recording an inflation rate of 5.4 percent in the second quarter of 2014.
 
In the second quarter of 2014, Colombo Consumer Price index (CCPI) (2006/2007=100) is reported as 179.8. Compared to that of 173.5 in the second quarter in year 2013, it recorded 3.6 percent inflation rate in 2014 second quarter. (RKS)
 

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