Sri-Lanka - BNP, Årlig Growth Rate

The economy of Sri Lanka grew by 1.6 percent year-on-year in the second quarter of 2019, easing from a 3.7 percent expansion in the previous three-month period. That was the weakest growth rate since the first quarter of 2014 due to a slowdown in overall activity following the Easter Sunday attacks. Wholesale and retail trade, transportation and storage, accommodation and food service activities, which account for nearly 25 percent of total GDP, shrank 0.6 percent, after a 3.3 percent advance in Q1. In addition, output rose at a softer pace for: manufacturing, mining and quarrying and other industry (1 percent vs 1.8 percent); financial and insurance activities (8 percent vs 9.6 percent); public administration, defense, education, human health and social work activities (0.6 percent vs 2.1 percent); other services (1.5 percent vs 4.6 percent); and agriculture, forestry & fishing (1 percent vs 5.5 percent).

The economy of Sri Lanka advanced 1.8 percent year-on-year in the fourth quarter of 2018, slowing from an upwardly revised 3.5 percent expansion the prior period. It was the weakest growth rate since the first quarter of 2014, as the industrial sector shrank (-3.6% vs 3.1% in Q3) namely construction (-10.1% vs 4.9%), machinery & equipment (-1.9% vs 1.1%), mining & quarrying (-14.9% vs -1.1%), production of paper, printing and reproduction of media (-11.7% vs -5.1%), and chemicals & pharmaceutical products (-9.4% vs -2.7%). Meantime, services activities grew 4.3 percent, the same pace as in the previous quarter, mostly driven by transportation (3.3% vs 1.3%), financial services (12.6% vs 11.5%), insurance (22.4% vs 5.1%) and education (5% vs 1.3%). Also, agriculture, forestry & fishing increased 4.5 percent, higher than a 4 percent expansion in the third quarter. Considering full 2018, the economy grew 3.2 percent, easing from a 3.4 percent expansion in 2017.