The Sri Lanka economy advanced 3.7 percent year-on-year in the first quarter of 2019, up from 1.8 percent in the prior period. The growth was mainly boosted by a rebound in the industrial activities (3.0 percent vs -3.6 percent in Q4), particularly mining & quarrying (5.8 percent vs -14.9 percent); construction (6.9 percent vs -10.1 percent) and manufacture of furniture (5.7 percent vs -7.5 percent) while agriculture output advanced faster (5.5 percent vs 4.5 percent), namely animal production (9.4 percent vs 1.2 percent). On the other hand, the services output rose at a softer pace (4.1 percent vs 4.3 percent), mainly financial services activities (9.8 percent vs 12.6 percent). GDP Annual Growth Rate in Sri Lanka averaged 5.71 percent from 2003 until 2019, reaching an all time high of 16.12 percent in the first quarter of 2012 and a record low of 0.50 percent in the fourth quarter of 2013.
GDP Annual Growth Rate in Sri Lanka is expected to be 2.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Sri Lanka to stand at 3.50 in 12 months time. In the long-term, the Sri Lanka GDP Annual Growth Rate is projected to trend around 4.00 percent in 2020, according to our econometric models.