Sri Lanka’s economy contracts by 3.1% in 2Q 2023

Issuing a communiqué, on releasing National Accounts Estimates, the DCS states that the year on year GDP growth rate for the second quarter of 2023 has been estimated as 3.1 percent of negative growth rate, against the value reported in the same quarter in the year 2022.

Further, the Gross Domestic Product for Sri Lanka for the second quarter of year 2023 at constant price (2015) has declined up to Rs. 2,597,441 million from Rs. 2,680,074 million which recorded in the second quarter of year 2022.

In the second quarter of year 2023, the year on year GDP growth rate is calculated based on the real GDP value reported in the second quarter of previous year.

The following Figure reflects the changes in the real GDP levels in the second quarter GDP series from the year 2018 to the year of 2023.

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