2016 1st quarter:

Sri Lanka records 5.5 % Economic development rate

Sri Lanka has maintained its economic development rate at 5.5 percent for the 1st quarter of 2016 compared to 4.4 percent in 2015, a Finance Ministry source stated. This increase in the 1st quarter of 2016 is attributed mainly to the modest progress in the agriculture sector and the expansion of the industrial services - related activities.

The first quarter of 2016 has registered a substantial increase of 8.3 percent in the industrial sector compared to 1.4 percent in 2015 for the same period.

The development in the industrial sector mainly centered on construction, manufacture of food and beverages, textiles and garments, electricity, household equipment, machinery, furniture, paper products and refined petroleum products.

The value of gross domestic product in the 1st quarter of 2015 at the prevailing rates was reported as Rs. 2,724,459 million, which has increased to Rs. 2979,746 in the 1st quarter of 2016 Services sector Rs. 1,562,677 million, an increase of 6.7 percent, industrial sector Rs. 940,988 million, an increase of 10.1 percent and Agriculture Rs. 221,774 million.

Gross National income according to the existing price indices during the same period is Rs. 2,903,036 million, a development rate of 9.6 percent.

The Gross National Income in the 1st quarter of 2015 was Rs. 2,649,323, an increase of Rs. 253,713 million.

Imports for investment in the 1st quarter of 2016 had increased by 12.5 percent, and the FOB value of imports for the same period is Rs. 179,001 million. The corresponding figure for the 1st quarter of 2015 was Rs. 159,045 million.