Sri Lanka: Economy shrinks 11.5% in Q1

COLOMBO (News 1st); Sri Lanka's Department of Census and Statistics said that the year on year GDP growth rate for the first quarter of 2023 was estimated as 11.5% of negative growth rate.

Accordingly, the Gross Domestic Product for Sri Lanka for the first quarter of the year 2023 at constant price (2015) has declined up to Rs. 3,114,187 million from Rs. 3,519,400 million which recorded in the first quarter of the year 2022. 

Meanwhile, Agriculture sector recorded an expansion of 0.8 percent while Industries and Services sectors recorded 23.4 percent and 5.0 percent negative growth rates respectively during this quarter.