Economy grows 7.3% in 2013

18 March 2014 04:17 am Views - 7468

The Sri Lankan gross domestic product (GDP) grew at 7.3 percent in 2013 against a previous 6.3 percent in 2012, the data released by the Census and Statistics Departmentshowed.

The growth headed by the industry sector grew 9.9 percent year-on-year (YoY) with mining and quarrying showing 11.5 percent growth YoY, followed by 10.7 percent YoY growth in gem mining. The other mining category showed 11.6 percent YoY growth.

The manufacturing sub-sector posted 7.5 percent YoY growth, up from 5.2 percent YoY in 2012, with textile and apparels recording 8.9 percent YoY growth, up sharply from 4.9 percent YoY previously.

Notably, processing of tea, rubber and coconut showed a marginal 0.6 percent YoY growth, down sharply from 6.5 percent YoY. Meanwhile, the services sector displayed a notable increase reaching 6.4 percent growth YoY, as compared with 4.6 percent YoY with export and domestic trade growing at 6.7 percent YoY and 6.9 percent YoY, respectively.

The transport and communication sub-sector posted 9.4 percent YoY growth of which post and telecommunication grew 11.4 percent YoY.

The agriculture sector, a strong focus area for the government, recorded growth at 4.7 percent YoY, down from 5.2 percent YoY previously.

Tea grew at 3.6 percent YoY. However, other major export crops like rubber and coconut contracted drastically by 9.1 percent and 16.1 percent, respectively.

Meanwhile, GDP over the fourth quarter of 2013 rose sharply to 8.2 percent YoY with agriculture forestry and fishing rebounding to 10.4 percent YoY.

Over the quarter, the tea sector grew at 6.5 percent YoY while rubber recorded a notable increase to 18.7 percent YoY. However, coconut contracted 3 percent YoY.

The industrial sector growth over the quarter remained in line with the results for the full year posting 10.7 percent YoY growth. However, gem mining in particular rose 31.9 percent YoY.

Manufacturing grew 11.9 percent YoY with factory industries growing at 12.1 percent YoY of which textiles and apparels grew 15.3 percent YoY.

The service sector growth reached 6.5 percent YoY with export trade spiking to 20.3 percent YoY while import trade reached 1.8 percent YoY.

Hotels and restaurants posted growth of 7.1 percent YoY while transport and communication reached 6.7 percent YoY of which post and telecommunication grew 10.6 percent YoY during the quarter.