NewsSri Lanka’s economic grew by only 3.1 per cent last year, the lowest in 16 years with the fall blamed on mostly adverse weather conditions, according to Central Bank (CB) released on Thursday. The worst year before this was in 2001 when the economy contracted and recorded negative growth of 1.4 per cent after being hit by a series of global and domestic economic issues. The CB said the growth rate was significantly below projections of the Sri Lankan authorities as well as international agencies. Both services and industry related activities, which together account for 92.4 per cent of gross value added, recorded growth rates of below 4 per cent. The agriculture related activities recorded a negative growth for the second consecutive year, although estimates for Quarter 4, 2017 indicated a recovery in the sector,” it said.

Source: Sunday Times April 26, 2018 15:22 UTC