(UDHAYAM, COLOMBO) – The Department of Census and Statistics (DCS) has released the estimated Gross Domestic Product (GDP) and other macroeconomic indicators for the fourth quarter of 2016 and for the year of 2016.
Sri Lanka experienced inclement weather during the year 2016. Particularly, the severe flood experienced in second quarter of 2016 and the drought prevailed during the year, may have had impact on the agriculture activities of the country.
Issuing a communiqué, DCS states that economic growth rate for the year of 2016 has been estimated as 4.4 percent while economic growth rate for 4th quarter of 2016 has been estimated as 5.3 percent.
The Gross Domestic Product for Sri Lanka for the year of 2016 (January to December) at constant (2010) price has reached up to Rs. Million 9,012,026. The GDP value reported for the year of 2015 was Rs. Million 8,633,890.
The four major components of the economy; Agriculture, Industry, Services and Taxes less subsidies on products have contributed their share to the GDP at current price by 7.5 percent, 27.1 percent, 57.0 percent and 8.4percent respectively for the year2016. During the year2016, highest growth rate of 6.7 percent was reported for overall Industrial activities. Meanwhile the Services activities have grown by 4.2 percent, compared to the previous year. However, the agricultural activities reported 4.2 percent of negative growth rate.
