Sri Lanka’s GDP contracts by 1.6% in 1Q 2020

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Aug 06, 2020 (LBO) – Sri Lanka’s GDP growth rate for the first quarter of 2020 has been estimated as 1.6 percent of negative growth rate, when compared to the 3.7 percent of positive growth recorded in the first quarter of 2019. 

The Department of Census and Statistics, releasing preliminary national accounts estimates, said yesterday that the
he Department of Census and Statistics, releasing preliminary national accounts estimates, said yesterday that the Gross Domestic Product for Sri Lanka for the first quarter of 2020 at constant (2010) price has declined, down to Rs. 2,292,589 million from Rs. 2,330,053 million recorded in the first quarter of 2019.

However, the Gross Domestic Product for Sri Lanka for the first quarter of 2020 at current price has increased marginally, up to Rs. 3,845,900 million from Rs. 3,773,551 million recorded in the first quarter of 2019, registering 1.9% of change in the current price GDP estimate.

The four major components of the economy, ‘Agriculture’, ‘Industry’, ‘Services’ and ‘Taxes less subsidies on products’ have contributed their share to the GDP at current prices by 7.3%, 28.4%, 58.3%, and 6.0% respectively, in the first quarter of 2020. 

The GDP release dates are published in the Advance Data Release Calendar (ADRC) of the Department website. Accordingly, the first quarter GDP estimates should have been released on 19 June 2020. However, this year, due to the COVID-19 impact, DCS faced many difficulties and challenges in gathering data and information during the months of May and June from the Government, semi-Government and private sector institutions in the country.