Saturday, 16 October, 2021

Sri Lanka’s economic growth surges to 12.3pc in Q2

SRI LANKA: Sri Lanka’s economy grew at a robust 12.3 percent in the second quarter of 2021 since late April as a result of an extremely low base in the corresponding period of the previous year, despite the COVID-19 virus-induced restrictions on economic activities. Sri Lanka’s economy recorded its worst contraction of 16.4 percent in the second quarter of last year due to the first lockdown wave, which resulted in the complete closing of the economy barring a few essential services, report agencies.

The Department of Census and Statistics (DCS) said during the second quarter of 2021, all three major economic activities recorded significant positive growth rates as a result of the low base effect stemming from last year.

Accordingly, agriculture activities recorded a positive growth of 8.1 percent, industrial 22.1 percent and activities 7.5 percent.