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SRI LANKA'S ECONOMY EXPANDS 6.2% IN 2008 FIRST QUARTER.
COLOMBO, July 1 Asia Pulse - Sri Lanka's economy expanded 6.2 per cent in the first quarter of 2008, against 6.1 per cent growth in the same period last year but slower than the 7.6 per cent growth in the fourth quarter of 2007, government data showed.
The services sector grew by 6.4 per cent bringing 60.1 per cent of the gross domestic product (GDP) growth. Industry grew 6.0 per cent bringing 27.3 per cent of growth and agriculture grew 5.9 per cent bringing 12.6 per cent of the growth.
Sri Lanka has seen record inflation in the first quarter.
In the services sector, transport and communication grew 9.4 per cent with fixed phone subscribers growing 45.0 per cent against 50.3 per cent in the first quarter of 2007.
Mobile services grew 48.2 per cent against 64.1 per cent last year.
In transport, the number of new vehicle registrations had fallen by 17.2 per cent. Motor cycles fell by 18.8 per cent, buses by 64.2 per cent, and lorries by 16.6 per cent.
Motor car registrations increased by 16.6 per cent amidst tax slashed car permits for state workers.
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Source: HighBeam Research, SRI LANKA'S ECONOMY EXPANDS 6.2% IN 2008 FIRST QUARTER.