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* Sri Lanka’s economy shrinks 3.1 percent in 2Q 2023
Fri, Sep 15, 2023, 10:48 pm SL Time, ColomboPage News Desk, Sri Lanka.

Sept 15, Colombo: The economic output of Sri Lanka as measured by Gross Domestic Product (GDP) for the second quarter (Q2) of 2023 recorded as 3.1 percent of negative growth percent year-on-year, the data released by the Census and Statistics Department on Friday showed.

Further, the Gross Domestic Product for Sri Lanka for the second quarter of year 2023 at constant price (2015) has declined to Rs. 2,597,441 million from Rs. 2,680,074 million recorded in the second quarter of year 2022.

In the second quarter of 2023, the overall Industry and Services activities declined by 11.5 percent and 0.8 percent respectively while overall agriculture activities grew by 3.6 percent.

The three major economic activities of the economy; ‘Agriculture’, ‘Industry’ and ‘Services’ have contributed their share to the GDP at current prices by 10.4 percent, 27.0 percent and 56.8 percent respectively, while ‘Taxes less subsidies on products’ component has contributed 5.8 percent of share to the GDP in the second quarter of year 2023.

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