Sri Lanka's economy grew 3.5
percent in 2009 pushed by growth in all three major sectors of economic activity, agriculture, industry and services, the Department of Census & Statistics (DCS) said in a statement.The Gross Domestic Product (GDP) growth was much slower than the six percent achieved in 2008, largely owing to the global slowdown, although the economy has been recovering in recent quarters with revenue and exports picking up.
The Central Bank has forecast economic growth of five percent this year.
The statistics office said key contributors to growth of in 2009 came from rubber, which grew 7.9 percent, vegetables which grew at 7.3 percent, fishing which expanded by 6.9 percent, mining for construction which grew 18.1 percent, hotels and restaurants which expanded 13.3 percent, and post and telecommunications at 11.7 percent.
The services sector, which accounts for almost 60 percent share of economic activity, grew 3.3 percent, industry which accounts for just over a quarter of economic activity grew 4.2 percent and agriculture, which has a 12 percent share, expanded by 3.2 percent.
The statistics office said estimated per-capita GDP at market prices (per capita income) for 2009 was 235,945 (2,053 US dollars).
The total investment rate for the year 2009 was 24.5 percent with the government investment ratio up 6.6 percent in 2009 from 6.5 percent the year before.
"The gross saving was up 23.7 percent in 2009 compared with the relatively low rate of 17.3 percent in 2008."
Gross Fixed Capital formation at current prices was estimated at 1,147,440 million rupees in 2009, as against 1,115,310 million rupees the year before.
Overall agriculture sector growth was achieved despite a decrease of earnings from agricultural exports and drought.
Tea exports growth, which decelerated for the first three quarters of 2009, picked up by 18.3 percent at the end of the year.
The value added for the rubber production increased of 7.9 percent in 2009.
"Although the growth of first, second and the third quarters registered a slight decline, the fourth quarter shows a significant growth of 22.3 percent," the statistics office said.
Paddy production last year was lower than in 2008 but was the second best harvest ever produced after 1952 and also the second best harvested land extent area for paddy cultivation.
This was because more land was cultivated especially in the east with the end of the 30-year ethnic war in May 2009.
The end of the war also gave a fillip to the fishing industry which grew by 6.9 percent in 2009.
"The fishing industry flourished due to lifting of security measures specially in the Eastern and the Northern coasts and the deep sea."
Hotels serve a different purpose than motels, and as such, they are located in or near cities.
ReplyDeleteHoteis Em Joao Pessoa