Three sectors sustained growth momentum in 2015
Sri Lanka’s fastest growth sectors were finance, information
technology and real estate which sustained its economic growth momentum
in 2015, despite a sharp slowing in the last three months of the year,
Director General, Department of Census and Statistics, Dr. A. J.
Growth in 2015 was broadly similar to 2014 and kept up its momentum
after picking up from 3.4 percent in 2013. The economic output of Sri
Lanka as measured by the Gross Domestic Product (GDP) for 2015 recorded
4.8 percent growth compared to 2014, maintaining the above-4 percent
expansion recorded in the previous two years. The economic growth rate
for 2014 was revised from 4.5 to 4.9 percent, the Director General said.
The GDP in 2015 reached Rs. 8,622,825 million compared to Rs. 8,229
million reported for 2014 resulting in a positive growth rate of 4.8
percent for 2015.
The GDP value at current prices for 2015 has been estimated at Rs.
11,183,220 million, up from 10,440 million in 2014.
The four major components of the economy: Agriculture, Industry,
Services and Taxes less subsidies on products had contributed their
share to the GDP at a constant price (2010 base year).
The farm sector, which added 7.9 percent to GDP growth, expanded 5.5
percent. The services sector, 56.6 percent of GDP, grew 5.3 percent.
With a 26.2 percent contribution to GDP growth, the industrial sector
grew 3 percent in 2015, Dr. Satharasinghe said.
Among the sub activities of Agriculture, ‘Growing of rice’ and
‘Growing of vegetables’ reported high growth rates: 23.3 percent and
24.9 percent and ‘Animal production’ and ‘Growing of oleaginous fruits;
including coconut’ reported 8.0 percent and 5.1 percent growth rates
during 2015, compared to the year 2014.
‘Growing of tea’ and ‘Marine fishing’ suffered slight falls in the
growth rates and the reported growth rates of these two economic
activities were -2.6 percent and -1.5 percent during 2015.
Among the industrial activities, the sub activities of ‘Manufacture
of food, beverages and tobacco’, ‘Manufacture of Rubber products’,
‘Manufacture of furniture’ and ‘Electricity, gas, steam and air
conditioning supply’ with a higher share to the GDP, have shown a
considerable growth rates of 5.6 percent, 4.7 percent, 6.7 percent and
7.8 percent during 2015.
The ‘Mining and quarrying’ and ‘Construction’ activities reported a
decline of 0.9 percent each, during the period under review, Dr.
The services sector was underpinned specially by the sub activities
of ‘IT programming consultancy and related activities’, ‘Financial
service activities’ and ‘Real estate activities’ which reported
significantly higher growth rates of 21.1 percent, 15.8 percent and 9.6
percent compared to the previous year.
During 2015, all three major economic activities expanded showing
significantly higher growth rates. It reported 5.5 percent, 3.0 percent
and 5.3 percent growth rates for Agriculture, Industries and Services
The GDP for the fourth quarter from September to December reached up
to Rs. 2.387,136 million registering a 2.5 percent growth rate compared
to the same period in 2014.
In the fourth quarter, the GDP rose 2.5 percent year-on-year after a
5.6 percent increase in the previous three months.
During the fourth quarter of 2015, the Agricultural activities
reported a decline by 0.5 percent. Industrial and Services activities
recorded positive growth rates of 1.9 percent and 2.7 percent.
GDP growth rates for the first, second and third quarters of 2015
were reported as 4.4 percent, 7.0 percent and 5.6 percent.