Jun 29, 2022

Sri Lanka's economic growth slows to 1.6%

Sri Lanka's economic growth rate has slowed to 1.6% in the first quarter of 2022 compared to the first quarter of 2021.

This was stated by the Department of Census and Statistics in a statement on the issuance of National Accounts Estimates for the first quarter of 2022.

The department said Sri Lanka has failed to post the expected high economic growth this quarter due to the impact of inflation, rupee depreciation, dollar deficit, declining remittances and tourism revenue.

The announcement also said that operations in many manufacturing, construction and service industries were hampered due to various disruptions in fuel imports and the industrial sector as a whole also recorded negative economic growth.

However, the services sector recorded a modest economic growth of 0.7% in the first quarter of 2021 this year.

The relevant announcement is shown below.