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Sri Lanka GDP contracts 1.6-pct in 2020 first quarter amid Coronavirus

ECONOMYNEXT – Sri Lanka’s gross domestic product has contracted 1.6 percent in the first quarter of 2020 with a steep contraction in agriculture and manufacturing amid a Coronavirus lockdown, the state information office said.

The services sector had grown 3.1 percent with telecoms growing 15 percent, IT programming growing 9.6 percent and postal and courier services growing 7.7 percent.

Hotels and restaurants contracted 6.2 percent.

Industries contracted 7.8 percent with most areas contracting except, electricity and water.

Agriculture had also contracted 5.6 percent despite rice expanding 4.1 percent and vegetable up 5.0 percent. (Colombo/Aug05/2020)