The Central Bank announced in a press briefing held last week that the Sri Lankan economy has grown slightly during the financial year 2015. The economy according to the accounts presented has grown by 4.8%.
The breakdown of the contributors for this increase places the service sector above other contributors. Here the IT programming and consultancy services take the lead by growing by 21.1%. The financial service activities recorded a growth of 15.8%, Telecommunications by 10.3% while real-estate grew by 9.6%.
The industry sector too showed signs of growth amounting to 3% while the agriculture sector recorded a growth of 5.5%. This growth does not account for manger export goods which has shown low performance
Triumph is marred slightly by the decline in the education service sector which amounts to 7.5%. Furthermore postal and courier activities and accommodation declined by 5.6% while the food and beverage sector declined by 1.3% in the fourth quarter of 2015, Additional Director Economic Research, D. Kumaratunge said the services sector grew by 2.7% while the industries sector grew by only 1% in the fourth quarter of 2015.
However when compared with the performance of the fourth quarter in 2014 there is a significant decline. The overall decline can be amounted to 10.3%. The services sector that amounts to 53.3 % of the GDP has shown a decline 11.7% while the Industry sector which amounts to 23.9% of the GDP also declined by 11.9% It was also stated in the presentation that export earnings declined by 2.5% to US$ 89 million in January this year.
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