Sri Lanka GDP grows 5.5% in third quarter 2024

Sri Lanka
By Editor_1

COLOMBO – Sri Lanka’s gross domestic product expanded 5.5% in the third quarter of 2024, up from 1.2% a year ago, the state statistics office said, as the central bank sought to provide stability with a largely deflationary policy.

In the June quarter, the economy expanded 4.7%.

Sri Lanka’s private credit expanded with falling interest rates and imports are picking,  up the Department of Census and Statistics said in a statement, adding that the  “increase in imports of investment goods as well as intermediate goods such as textile and textile articles and cement mainly facilitated to the recorded high growth in the apparel industry and construction industry respectively.”

The agricultural sector grew 3.0% despite coconuts shrinking by 11.5%. Tea expanded by 16.3 %and rice expanded by 4.3%.

The industrial sector expanded by 10.8% with apparel up 13.5%.

Construction was up 23.8%, wood products 10.7 % and electricity and gas 15.2%.

Services were up 2.6%, with accommodation food and beverage up 18.8%.

Telecom was up 3.6%.

Financial services were up 5.1%.

However, real GDP was still below last year’s level.

-economynext.com

 

Editor_1
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