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* Sri Lanka’s economy shrinks 7.8 percent in 2022
Wed, Mar 15, 2023, 11:17 pm SL Time, ColomboPage News Desk, Sri Lanka.

Mar 15, Colombo: The economic output of Sri Lanka as measured by Gross Domestic Product (GDP) for the year 2022 recorded as 7.8 percent of negative growth year-on-year, the data released by the Census and Statistics Department Wednesday showed.

The Department of Census and Statistics (DCS) Sri Lanka, has released the estimated Gross Domestic Product (GDP) at current price and at constant (2015) price in Production approach and the other macroeconomic indicators for the fourth quarter (October 1st to December 31st) of 2022 and for the year (January 1st to December 31st) of 2022.

The GDP for the year of 2022 at constant price (2015) has declined to Rs. 12,017,849 million from Rs. 13,037,934 million which recorded in the year of 2021.

The year on year GDP growth rate for the year 2022 has been reported as 7.8 percent of negative growth rate.

The overall Agriculture, Industry and Services activities declined by 4.6 percent, 16.0 percent and 2.0 percent respectively, in the year 2022.

The Gross Domestic Product for Sri Lanka for the fourth quarter of year 2022 at constant price (2015) has declined to Rs. 2,917,721 million from Rs. 3,331,073 million recorded in year 2021, registering a negative growth rate of 12.4 percent.

The DCS report attributed contraction of the whole economy to the deepening of the economic crisis and youth and social unrest began in early part of the year 2022.

In addition, frequent power disruptions, shortages in fuel, raw materials, foreign currency which affected in making supply chain disruptions, amidst price escalations in both domestic and global markets, affected adversely to the whole production process of agriculture, industry and services, according to the Department of Census and Statistics.


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