The country’s economic growth slowed down by about three percent compared to that of 2012, according to latest report of National Accounts Statistics.
The officials from the National Accounts Statistics say the slowdown in the economy is because negative growth in construction sector, manufacturing, community, social and personal services.
The Gross Domestic Product (GDP) is at 2.05 percent in 2013. The GDP was at 5.07 percent in 2012.
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In 2012, the construction sector contributed over 47 percent to the overall economic growth while in 2013 it is at negative 15 percent.
The private construction was hugely affected due to suspension of loans by the banks. Official say, although the loans was lifted this year, the need for huge equity requirement with the banks is expected to further hamper the growth rate this year as well.
While on the other hand, the sectors like hotels and restaurants, electricity, whole sale and retail trade has performed relatively better and contributed to the overall growth of an economy.
The average economic growth in the last five years, however, was recorded at 6.07 percent.
