Thursday Nov 14, 2024
Thursday Nov 14, 2024
Wednesday, 30 March 2022 04:48 - - {{hitsCtrl.values.hits}}
The economy in 2021 has grown by 3.7% reflecting a turnaround from a 3.6% contraction in the previous year amidst the COVID pandemic.
The Department of Census and Statistics said yesterday during the year of 2021 all three major economic activities, recorded moderate positive growth rates of 2%, 5.3% and 3% respectively by agriculture, industrial and service activities. These recorded high growth rates come back as a result of the contraction reported in these activities in the year of 2020.
The three major economic sectors — agriculture, industries and services have contributed their share to the GDP at current prices by 9%, 27.8% and 57.5% respectively, while ‘taxes-less subsidies on products’ component has contributed 5.7% of share to the GDP in the year of 2021.
DCS also said the GDP growth rate for the fourth quarter of 2021 has been estimated as 1.8% as against the 1.3% a year earlier.
DCS said compared to the nature of the lock down period in the year 2021, it was not much strict as in the year 2020. The Government permitted all the agriculture related activities, all the manufacturing activities, construction work and many services related businesses to continue their work even under this lockdown period. This created some sort of favourable environment to continue businesses in all quarters of the year.
The fourth quarter of year 2021, started amidst the fourth wave of COVID-19. Unlike previous waves, the fourth wave was not much harmful and did not affect adversely to block businesses and day to day activities of people. Further, the death rate started to report at a low rate due to the successful vaccination programs conducted by the government throughout the country.
The favourable conditions prevailed throughout 2021, have been caused to reported growth rates of first, second and fourth quarters of the year 2021 to be positive except in the third quarter.
Accordingly, the reported growth rates for the first, second, third and fourth quarters of year 2021, were 4.2%, 12.4%, -1.5% and 1.8% respectively.
