Sri Lanka Posts 12.3 Pct Economic Growth In Q2

Muhammad Irfan Published September 17, 2021 | 03:41 AM

COLOMBO, Sept. 16 (UrduPoint / Pakistan Point News - 17th Sep, 2021 ) :Sri Lanka's economy grew 12.3 percent year on year in the second quarter of 2021, local media citing a report by the Department of Census and Statistics (DCS) reported here Thursday.

"The performance of the Sri Lankan economy during the second quarter of the year 2021, was at a satisfactory level, until the third wave came in late April when compared to the same quarter in the previous year," a statement by the DCS said.

The double-digit growth rate in the second quarter was due to a low base of a 16.

4 percent contraction in the same period last year due to the COVID-19 pandemic and accompanying lockdowns.

Sri Lanka's gross domestic product (GDP) at constant prices in the second quarter stood at 2.2 trillion rupees (10.8 billion U.S. Dollars).

The DCS data showed that this figure is lower than the GDP for the same period in 2018 and 2019, indicating that output has not yet reached pre-pandemic levels.

The industrial sector recorded the fastest growth of 22.1 percent, while agriculture and services grew 8.1 percent and 7.5 percent respectively.