Sri Lanka's GDP rose 1.6% year-on-year in the third quarter of 2023, rebounding from a 3.1% contraction in the previous quarter, as the country begins to recover from its worst financial crisis in seven decades. It was the first economic expansion since the last quarter of 2021, helped by the moderation in inflation, a strengthening currency and lower interest rates. Regarding economic activities, agricultural activities grew 3%, primarily driven by cereals (33.2%), marine fishing & marine aquaculture (27.5%) and rice (23.2%). Moreover, services activities increased by 1.3%, mainly due to a 29.6% rise in insurance services, despite a 0.5% drop in financial services activities. Meanwhile, industrial activities expanded by 0.3%, amid a 2.1% growth in manufacturing activity and a 0.7% rise in mining & quarrying, while construction activity recorded a 5.5% decline. source: Department of Census and Statistics - Sri Lanka
The Gross Domestic Product (GDP) in Sri Lanka expanded 1.60 percent in the third quarter of 2023 over the same quarter of the previous year. GDP Annual Growth Rate in Sri Lanka averaged 3.93 percent from 2003 until 2023, reaching an all time high of 16.12 percent in the first quarter of 2012 and a record low of -17.10 percent in the second quarter of 2020. This page provides the latest reported value for - Sri Lanka GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Sri Lanka GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on January of 2024.
The Gross Domestic Product (GDP) in Sri Lanka expanded 1.60 percent in the third quarter of 2023 over the same quarter of the previous year. GDP Annual Growth Rate in Sri Lanka is expected to be 2.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Sri Lanka GDP Annual Growth Rate is projected to trend around 1.50 percent in 2024 and 4.00 percent in 2025, according to our econometric models.
Sri Lanka GDP Annual Growth Rate
In Sri Lanka, services are the biggest sector of the economy and account for 58 percent of total GDP. Within services the most important segments are: wholesale and retail trade (21 percent); transport and communication (13 percent) and banking, insurance and real estate (11 percent). Industry accounts for 30 percent of total output. Within industry, manufacturing represents 18 percent of GDP and mining and construction account for 10 percent. The remaining 12 percent is contributed by agriculture, livestock, forestry and fishing.
| Actual | Previous | Highest | Lowest | Dates | Unit | Frequency | ||
|---|---|---|---|---|---|---|---|---|
| 1.60 | -3.10 | 16.12 | -17.10 | 2003 - 2023 | percent | Quarterly | Constant Prices 2010 |
News Stream
Sri Lanka GDP Rebounds in Q3
Sri Lanka's GDP rose 1.6% year-on-year in the third quarter of 2023, rebounding from a 3.1% contraction in the previous quarter, as the country begins to recover from its worst financial crisis in seven decades. It was the first economic expansion since the last quarter of 2021, helped by the moderation in inflation, a strengthening currency and lower interest rates. Regarding economic activities, agricultural activities grew 3%, primarily driven by cereals (33.2%), marine fishing & marine aquaculture (27.5%) and rice (23.2%). Moreover, services activities increased by 1.3%, mainly due to a 29.6% rise in insurance services, despite a 0.5% drop in financial services activities. Meanwhile, industrial activities expanded by 0.3%, amid a 2.1% growth in manufacturing activity and a 0.7% rise in mining & quarrying, while construction activity recorded a 5.5% decline.
2023-12-15
Sri Lanka GDP Falls 3.1% in Q2
Sri Lanka's GDP fell 3.1% year-on-year in the second quarter of 2023, marking the sixth consecutive quarter of contraction, as the country continues to battle a financial crisis. High inflation, elevated borrowing costs, a falling currency and lower purchasing power all weighed on the GDP. Industrial activity sank 11.5%, with construction and mining & quarrying declining 23.1% and 24.3%, respectively, while manufacturing contracted 5.1%. Also, the services sector dropped 0.8%, pushed down by a 18.8% slump in financial service activities. On the other hand, agricultural activities expanded 3.6%, driven by cereals, plants and rice. The central bank projects that the GDP will shrink by 2% in 2023, as the country tries to navigate its worst financial crises in decades.
2023-09-18
Sri Lanka GDP Sinks for 5th Quarter
The economy of Sri Lanka shrank 11.5% year-on-year in the first quarter of 2023, marking a fifth consecutive quarter of contraction, as the country is experiencing its worst financial crisis in decades. The industrial sector sank 23.4%, with manufacturing falling 14.2%, namely basic metal and fabricated metal products and machinery and equipment; construction went down 38.3% and mining and quarrying plunged 45.7%. Also, the services sector went down 5%, mainly dragged down by insurance and financial services. On the other hand, agriculture rose 0.8%, led by rice, fishing, and cereals. The central bank sees the economy contracting by 2% this year while the IMF sees it shrinking 3%, before registering a modest growth of 1.5% in 2024. The IMF said in May that Sri Lanka is showing tentative signs of improvement, with inflation moderating, the exchange rate stabilizing, and the central bank rebuilding reserves buffers.
2023-06-15
