Sri Lanka records revenue drop in first quarter of 2020

COLOMBO (News1st): Sri Lanka's total revenue for the first quarter of 2020 has dropped by more than 20 percent when compared to last year, a finance ministry report has shown. Sri Lanka's revenue that stood at 598.1 billion rupees during the first quarter of last year had dropped to 467.7 billion rupees during this year's first quarter, the report said. During this period, tax revenues had dropped from 551.5 billion rupees to 408.4 billion although non tax revenues rose from 46.5 billion rupees recorded during last year's first quarter to 68.2 billion rupees. The overall budget deficit too had widened from 363.4 billion rupees to 452.1 billion rupees, according to the report. Exports that were affected amid the coronavirus pandemic, generated 2.9 billion US dollars during the first quarter of 2020, compared to 3.9 billion received during last year's first quarter.