Economy contracts 11.5% in 1Q

15 June 2023 05:56 pm Views - {{hitsCtrl.values.hits}} 9 Bookmark

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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.

Comments - 9

Prabu kariyavasam Thursday, 15 June 2023 06:14 PM

How can a country survive this and where does the workers get jobs? While the whole nation suffers we reward the clown who caused it a house in Colombo07? The foreign ministry will learn his fate very soon.

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Sam Silva Thursday, 15 June 2023 06:30 PM

The contraction need to multiply into 2 because we always being mislead.

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Arnold Thursday, 15 June 2023 08:03 PM

In the mean time the net worth of politicians would have expanded by the same percentage.

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Banana republic Thursday, 15 June 2023 08:55 PM

But Uganda and St Marino economies expanded.

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Ranil Thursday, 15 June 2023 11:02 PM

what is in this economy to contract when the it has been at its nadir and racing towards negative infinity?

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Cheers Friday, 16 June 2023 03:01 AM

Economy would have been even better under Gotabaya if not for aragalaya that was funded by diaspora and the allias and it was world proven now

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Bandu Friday, 16 June 2023 04:34 AM

We have politicians who are clueless on how to revive the economy. Sadly they just talk and press keep publishing their stupid speeches.

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jan Friday, 16 June 2023 04:47 AM

SRILANKANS Deliberately cut down their OWN Consuming HABITS Due to HIGH COST FOOD ITEMS, MEDECINES, TRAVELING, CLOTHING, Because MINIMUM SALARY IS VERY LOW RS 25,000/

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SK Kumara Friday, 16 June 2023 07:14 AM

Yes of course, only Sri Lanka is blessed with that magic carpet to lift up the economical growth from -11.5% to a %. If the census to show -11.5% today, in reality its about -15% it will take us 2 years to get to 0% and another 6 months to show any positive growth. Our government is full of clowns they're very amusing.

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