Economy grows 4.8 percent in Q3

The GDP growth rate in the third quarter of the year recorded at 4.8 percent (constant 2002 prices) according to the National Accounts published by the Department of Census and Statistics. This is a decline from the 8.5 percent in the corresponding period of the previous year. The agriculture sector has recorded a negative growth of 0.5 percent while industrial and service sectors recorded 7.3 and 4.6 percent growth during the period. Growth in all three sectors were weaker compared to the Q3 of the previous year and in 2011 agriculture, industries and service sectors grew at 6.5, 10.8 and 7.8 percent.

Exports in rupee terms grew by 5.3 percent during the period against a 13.4 percent growth during the corresponding period of the previous year.

Total imports have shown a 1.6 percent contraction from the 57.8 percent strong growth in the third quarter of the previous year.

The import of investment goods too declined from 61.6 percent to 1.1 percent.

The Sri Lankan rupee depreciated by 20.4 percent during the period under review against a 2.5 percent appreciation in the third quarter of 2011.

GW