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.

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Sri Lanka GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-03-29 11:00 AM Q4 1.8% -1.5% 2.0%
2022-06-28 10:00 AM Q1 -1.6% 2% -3.1%
2022-12-15 11:00 AM Q3


Related Last Previous Unit Reference
GDP Growth Rate 1.40 3.70 percent Dec 2017
GDP Annual Growth Rate -1.60 2.00 percent Mar 2022
GDP Constant Prices 3463101.00 3343517.00 LKR Million Mar 2022
GDP From Construction 303772.00 278360.00 LKR Million Mar 2022
GDP From Agriculture 219263.00 248742.00 LKR Million Mar 2022
GDP From Utilities 43664.00 50910.00 LKR Million Mar 2022
GDP From Transport 400647.00 360443.00 LKR Million Mar 2022
GDP From Services 1997138.00 1981564.00 LKR Million Mar 2022
GDP From Public Administration 140813.00 183312.00 LKR Million Mar 2022
GDP From Mining 76513.00 70683.00 LKR Million Mar 2022
GDP From Manufacturing 360709.00 425455.00 LKR Million Dec 2021

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 2.00 16.30 -14.80 2003 - 2022 percent Quarterly
Constant Prices 2010

News Stream
Sri Lanka Economy Contracts 1.6% YoY in Q1
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 fell 6.8 percent, the most 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 slipped 4.7 percent as restrictions imposed on fuel import reduced production in all manufacturing industries, including the construction industry. In contrast, 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.
2022-06-28
Sri Lanka Avoids Recession in Q4
The economy of Sri Lanka advanced by 1.8 percent year-on-year in the fourth quarter of 2021, reversing a 1.5 percent contraction in the previous three-month period, amid an easing of nationwide pandemic restrictions in October. The services sector grew 3.8 percent, while industrial production slipped 0.2 percent and agriculture contracted 4.9 percent. In 2021, the GDP grew 3.7 percent, following a 3.6 percent pandemic-induced slump in 2020, but below the central bank's downwardly revised projection of 4 percent made in January.
2022-03-29
Sri Lanka GDP Contracts in Q3
The economy of Sri Lanka contracted by 1.5 percent year-on-year in the third quarter of 2021, following a 12.3 percent expansion in the previous period. It was the first drop in economic output since the second quarter of last year, as the country reimposed quarantine curfews and other restrictions amid its worst virus wave since the onset of the pandemic. The shortfall was mainly attributed to contraction in the output of industrial activities (-2.1 percent vs 22.1 percent in Q2), and services (-1.6 percent vs 7.5 percent), which was partly offset by growth in agricultural activities (1.7 percent vs 3.1 percent).
2021-12-15