GDP growth 7.9% in the first quarter of the year

GDP growth 7.9% in the first quarter of the year[ Saturday, 02 July 2011, 02:01.03 PM GMT +05:30 ]Sri Lanka's economy grew 7.9 percent in the first quarter of the year, due to the growth in industry, the Department of Census and Statistics said Friday.

Although the growth expanded from the last year's annual rate of 7.1 percent, it was slower than the previous quarter where the Gross Domestic Product rose 8.6 percent. The slower rate in 2011 Q1 has been attributed to the reduction in the agriculture sector.

The industrial sector grew 11.1 percent and services rose 9.5 percent while the agriculture sector declined by 5.1 percent.

The economic output as measured by Gross Domestic Product (GDP) for the 2010 recorded an 8.0 percent growth. The Central Bank expects 8.5 percent growth for this year.

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