Growth decelerates to 3.3%

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By 2017-12-17

Paneetha Ameresekere

The economy, buffeted by climate change, complemented by a drought, rising imports, a high tax regime and sluggish tourism arrivals, saw growth in the third quarter, ended 30 September 2017, slow down to 3.3 per cent in GDP terms, official data released on Friday showed.

This compares with a higher economic growth of 4 per cent experienced in the immediately preceding quarter, ie the second quarter ended 30 June 2017 and a 4.6 per cent growth a year ago, ie in the third quarter ended on 30 September 2016.

Nonetheless, Central Bank of Sri Lanka expects the economy for the full year to grow by 4.5 per cent, marginally higher than the growth recorded for the whole of last year, which was 4.4 per cent, fuelled by the Services (including tourism) and Industry sectors.

The economy in the first half of the year grew by 3.9 per cent,marginally higher than the 3.7 per cent recorded in the corresponding period of last year.

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