The economic output of Sri Lanka as measured by Gross Domestic Product (GDP) for the third quarter (Q3) from July-September grew by 8 percent, slower than the GDP recorded for the second quarter from April-June.
The 8.0% rate was the second highest ever recorded quarterly GDP growth since 2002. The highest growth rate was recorded at 8.5 percent in the second quarter of this year.
The GDP at constant prices (2002) is estimated at Rs. 690.7 billion in the third quarter as against Rs. 639.3 billion in the same period of the previous year, the Department said.
According to the agency, the three major sectors of the economy namely, Agriculture, Industry, and Services registered significant growth rates as 6.2 percent, 8.8 percent and 8.0 percent respectively, in the Q3 of 2010 over the same quarter of previous year.
During the Q3 Services sector contributed to the GDP most with 59.5 percent while the, Industry and Agriculture sectors respectively accounted for 28.5 percent and 12.0 percent to the total GDP.
The inflation rose as indicated by the index number of GDP implicit price deflator rising to 205.2 in the Q3 of 2010, from 192.1 in the same quarter of 2009 registering an inflation rate of 6.8 percent for the Q3 2010.
Colombo Consumers' price index which reflects the average price level of consumer goods increased to 220.7 in the Q3 2010 from 208.5 in the Q3 of 2009. Accordingly, the year-on-year inflation rate is recorded as 5.9 percent in the Q3 of 2010 whereas it was 0.9 percent in the same quarter of 2009, the Census and Statistics figures showed.
Sri Lanka has seen a remarkable progress in the country's economy after the government wiped out the separatist Tamil Tiger rebel group, LTTE, in May 2009 and ended the three-decade long armed conflict.
The present government has embarked on major infrastructure development projects in the country, especially in the North and East, with the financial backing, mainly from India and China.
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