Sri Lanka records 2.3 pct negative GDP growth in 2023

The GDP growth rate of Sri Lanka for the year 2023 was estimated as a 2.3 percent negative growth rate, the Department of Census and Statistics (DCS) said in a statement on Friday.

Overall, agricultural activities expanded by 2.6 percent, while industrial and service activities contracted by 9.2 percent and 0.2 percent, respectively, in the year 2023, the DCS said.

The three major economic activities of the economy — agriculture, industry, and services, contributed their shares to the GDP, at current prices, by 8.3 percent, 25.6 percent and 59.9 percent respectively.

The “taxes less subsidies on products” component accounted for a 6.2 percent share of the GDP in 2023.

However, the GDP for the fourth quarter of 2023 registered a 4.5 percent positive growth, the DCS highlighted.

In the fourth quarter of 2023, agricultural, industrial and services activities grew by 0.6 percent, 7.9 percent and 2.8 percent respectively, it said. (BSS/Xinhua)