ECONOMYNEXT – Sri Lanka’s gross domestic product has contracted 3.1 percent in the second quarter of 2023 against the same quarter last year, with steep falls in construction, financial services and manufacturing, the state statistics office said.
The agriculture sector has expanded 3.6 percent, industry contracted 11.5 percent and services also declined 0.8 percent, according to calculations done by the agency.
In agriculture, rice had expanded 19.8 percent, vegetables 6.9 percent, rubber 5.8 percent and marine fishing and aquaculture 1.3 percent.
In industry, construction contracted 23.1 percent, mining and quarrying 24.3 percent.
Manufacturing contracted 5.1 percent
In services, financial services were down 18.8 percent, IT and consultancy were down 8.5 percent, telecom 4.4 percent, real estate and dwelling was down 2.5 percent.
Hotels and tourism was up 34.2 percent, transport and warehousing was up 5.4 percent and wholesale and retail trade was up 0.3 percent. (Colombo/Sept16/2023)