By Paneetha Ameresekere
The economy expanded by 3.7 per cent last year, from a record low base of minus 3.6 per cent in 2020, Census and Statistics Department (CSD) data released yesterday showed.
Commensurate with these developments, the fourth quarter (4Q) of last year saw the economy making a pyrrhic acceleration of 1.8 per cent, compared to a 4Q 2020 growth rate of 1.3 per cent.
Meanwhile, the Agriculture Sector expanded by two per cent for the totality of last year compared to a contraction of 2.2 per cent (-2.2%) in the previous year, while the industries sector grew by 5.3 per cent compared to a contraction of 6.9 per cent in the previous and the services sector expanded by three per cent last year, compared to a contraction of 1.6 per cent in the previous.
Meanwhile, 4Q 2021 saw the services sector grow by 3.8 per cent, while the agriculture and industrial sectors contracted by 4.9 and 0.2 per cent, respectively. However, in the corresponding 4Q 2020, agriculture, industry and services, all three, achieved positive growth rates of two, 1.5 and 1.7 per cent, respectively.