Sri Lanka’s GDP contracted by 11.8%

by Staff Writer 16-12-2022 | 12:34 PM

COLOMBO (News 1st) - The Gross Domestic Product for Sri Lanka for the third quarter of year 2022 at current price reported as Rs. 6,417,031 million.

The Gross Domestic Product for Sri Lanka for the third quarter of year 2022 at constant price (2015) reported as Rs. 2,884,018 million.

In the third quarter of year 2022, the percentage change of current price GDP reported as 45.2 percent and the year on year GDP growth rate reported as negative 11.8 percent.

The state-run Census and Statistics Department said that in the third quarter of year 2022, the agriculture activities have contracted by 8.7 percent.

During the third quarter of year 2022, the overall industrial activities have reported a shrinkage of 21.2 percent.

In the third quarter of year 2022, the performance of the service sector has declined by 2.6 percent when compared to the 1.7 percent drawback of the same quarter of year 2021.

DCS said in its report that high inflation, energy crisis that prevailed during the early stages of this quarter, high interest rates, shortage of inputs required for the manufacturing activities, high prices of inputs, shortage of cement, high prices of construction materials, problems associated with fertilizer usage and agrochemical sectors, increase of the transport cost, difficulties in distributing goods, decrease in the demand of essential and non-essential goods and services due to the reduction of the real income of the people have directed the economy towards this decline.

Due to these concerns, the construction industry saw a drop of 33.2 percent and mining and quarrying by 45.9 percent in the third quarter of this year.

In the third quarter, the Marine fishing and marine aquaculture sector dropped by 33.5%.

The contraction in the agriculture activities were mainly driven by the ‘Marine fishing and marine aquaculture’ (33.5 percent), ‘Growing of cereals’ (26.1 percent), ‘Growing of rice’ (19.8 percent), ‘Animal production’ (19.5 percent), ‘Growing of tea’ (18.9 percent) and ‘Growing of vegetables (9.4 percent), ‘Growing of fruits’ (6.0) and ‘Growing of rubber’ (3.5 percent).

http://www.statistics.gov.lk/NationalAccounts/StaticalInformation/Reports/press_note_2022q3_en

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