Sunday, 17 September 2023 11:53

Sri Lanka GDP contracts 3.1 percent in 2Q2023 Featured

Sri Lanka’s gross domestic product has contracted 3.1 percent in the second quarter of 2023 against the same quarter last year, with steep falls in construction, financial services and manufacturing, Census and Statistics Department reveled inits latest report.

However Hotels and tourism was up 34.2 percent, transport and warehousing was up 5.4 percent and wholesale and retail trade was up 0.3 percent.

The agriculture sector has expanded 3.6 percent, industry contracted 11.5 percent and services also declined 0.8 percent, according to calculations done by the agency.

InIn industry, construction contracted 23.1 percent, mining and quarrying 24.3 percent.Manufacturing contracted 5.1 percent

In services, financial services were down 18.8 percent, IT and consultancy were down 8.5 percent, telecom 4.4 percent, real estate and dwelling was down 2.5 percent.

 

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