SL economy contracted by 3.6% in 2020

COLOMBO (News1st): Sri Lanka’s economy contracted by 3.6 per cent in 2020, according to the Department of Census and Statistics. Sri Lanka’s first-quarter GDP in 2020 recorded a negative growth rate of 1.8 per cent, followed by a 16.4 per cent economic contraction in the second quarter, the largest drop ever recorded in Sri Lankan history. The third and fourth quarters of last year witnessed an expansion in the economy, with both quarters reporting a GDP growth of 1.3 per cent. The Sri Lankan economy as a whole contracted in the year 2020, with a negative GDP growth rate of 3.6 per cent, compared to the GDP growth rate of 2.3 per cent in 2019. Sri Lanka’s Gross Domestic Product at constant price for the year 2020 had declined to Rs. 9.53 Trillion from Rs.9.88 Trillion reported in 2019.