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15/06/2023 19:07

Sri Lanka's economy shrinks 11.5% in Q1

Government data revealed that Sri Lanka's economy experienced a substantial contraction of 11.5% in the first quarter of 2023 compared to the previous year, as the country grapples with its most severe financial crisis in many years.

The state-run Census and Statistics Department reported that the agriculture sector demonstrated modest growth of 0.8%, while industries faced a significant decline of 23.4%, and services experienced a decline of 5%. Projections from Sri Lanka's central bank indicate a 2% GDP contraction for this year, while the International Monetary Fund (IMF) estimates a more significant contraction of 3%.