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Jun 26, 2017

Sri Lanka's economy grows at the rate of 3.85%

Sri Lanka's economy grew at a positive rate of 3.8 percent during the first quarter of this year, Central Bank Governor Dr. Indrajit Coomaraswamy said in Colombo.

He made this disclosure at the Central Bank’s monthly Monetary Policy Review , news briefing in Colombo recently.

The total economic output of Sri Lanka as measured by Gross Domestic Product (GDP) for the first three months of 2017 reached up to Rs. 2.161 trillion.

GDP reported for first quarter of 2016 was Rs. 2.082 trillion, resulting a positive growth rate of 3.8 percent for the first quarter 2016.

The four major components of the economy, Agriculture, Industries, Services and Taxes less subsidies contributed to the GDP by 7.0 percent, 30.8 percent, 52.3 percent and 9.9 percent respectively for the first quarter of 2017.

The trade deficit continues to grow; with it increasing by 11.9 percent in April 2017 (y-o-y) to USD 795 million. Import expenditure had increased by 9.8 percent to USD 1,604 million. This was a 13.7 percent increase in imports (y-o-y) with a large majority being spent on fuel imports for electricity generation, given the drought. Rs 1.2 billion was spent this year on fuel; a 76 percent increase from last year

Sri Lanka recorded a trade deficit of 809 USD Million in April of 2017 compared to 751 USD Million gap a year ago. Exports rose 11.9 percent to 795 USD Million and imports went up 9.8 percent to 1,604 USD Million.

This was a 13.7 percent increase in imports (y-o-y) with a large majority being spent on fuel imports for electricity generation, given the drought. Rs 1.2 billion were spent this year on fuel; a 76 percent increase from last year, Central Bank Governor Dr. Indrajit Coomaraswamy said in Colombo recently. .

Balance of Trade in Sri Lanka averaged -484.62 USD Million from 2003 until 2017, reaching an all time high of -50.10 USD Million in May of 2003 and a record low of -1100.70 USD Million in November of 2011, according to Central Bank statistics.

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