Sri Lanka economy contracted by 1.6-pct in 1Q 2022

The year-on-year GDP growth rate for the first quarter of 2022 has been estimated as negative 1.6 percent which indicated a considerable contraction of the economy compared to the first quarter of 2021, the Department of Census and Statistics revealed.

The three major economic activities of the economy; ‘Agriculture’, ‘Industry’ and ‘Services’ have contributed their share to the GDP at current prices by 8.1 percent, 31.1 percent, and 55.6 percent respectively, while ‘Taxes less subsidies on products’ component has contributed 5.2 percent of share to the GDP in the first quarter of 2022.

Meanwhile, in the first quarter of 2022, Agriculture and Industrial sectors recorded contractions of 6.8 percent and 4.7 percent respectively while the Service sector recorded a trivial expansion of 0.7 percent when compared to these values in the first quarter of the year 2021.

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