The economy of Sri Lanka contracted 1.6 percent year-on-year in the first quarter of 2022, compared to an upwardly revised 2 percent expansion in the previous three-month period amid high domestic inflation, foreign exchange devaluation and dollar deficit. Agricultural sector declined 6.8 percent, the worst among all sectors and posting the highest decline since 2015 as shortage of chemical fertilizers curbed agricultural productions, particularly rice, the country's staple food crop. Also, industrial production fell 4.7 percent as restrictions imposed on fuel import reduced production in all manufacturing industries, including the construction industry. Meanwhile, the services sector grew by a mild 0.7 percent, underpinned by accommodation, food and beverage service activities (25.2 percent); IT programming consultancy and related activities (12.3 percent); and telecommunication (7.9 percent). Meanwhile, the island is on talks with the IMF for a $3 billion bailout package. source: Department of Census and Statistics - Sri Lanka
GDP Annual Growth Rate in Sri Lanka averaged 4.88 percent from 2003 until 2022, reaching an all time high of 16.30 percent in the second quarter of 2021 and a record low of -14.80 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 June of 2022.
GDP Annual Growth Rate in Sri Lanka is expected to be -2.00 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 4.20 percent in 2023, according to our econometric models.