Sri Lanka’s GDP contracts 11.8% in Q3

Colombo: Amid the ongoing economic crisis, Sri Lanka’s Department of Census and Statistics said that the island nation’s estimated gross domestic product (GDP) contracted by 11.8 per cent year-on-year in the third quarter of 2022.

The GDP for the third quarter at constant (2015) price was 2,884 billion LKR ($7.9 billion), Xinhua news agency quoted the Department as saying.

The Department said the overall agriculture, industry and services activities declined by 8.7 per cent, 21.2 per cent and 2.6 per cent, respectively, in the quarter.

Sri Lanka’s real GDP is expected to fall by 9.2 per cent this year and 4.2 per cent in 2023, according to a World Bank report.