Economy contracts 11.5% in 1Q

Sri Lanka’s Gross Domestic Product (GDP) is estimated to have contracted 11.5 percent in the first quarter of 2023 from a year ago, the Department of Census and Statistics said, today.

During the quarter under review, agricultural activities expanded by 0.8 percent from a year ago while industry and services declined by 23.4 percent and 5 percent, respectively. 

Sri Lanka’s economy is estimated to have contracted 7.8 percent in 2022. 

The government expects economic growth to turn positive in the final quarter of this year.