Sri Lanka’s economy shrank 11.5% in the first three months of 2023 from the previous year, government data showed on Thursday.

The Department of Census and Statistics (DCS) today released the estimated Gross Domestic Product (GDP) at the current price and at constant (2015) price in the Production approach and the other macroeconomic indicators for the first quarter of 2023, which is the period starting from January 01 to March 31, 2023. 

Thus, the GDP for the first quarter of 2023 at the constant price (2015) has declined to Rs. 3,114,187 million from Rs. 3,519,400 million which was recorded in the first quarter of 2022. 

Meanwhile, the year-on-year GDP growth rate for the first quarter of the year 2023 has been reported as 11.5% of negative growth rate. 

In addition, the Gross Domestic Product for Sri Lanka for the first quarter of 2023 at current price has increased up to Rs. 7,328,574 million from Rs. 5,543,306 million which recorded in the same quarter in year 2022 registering 32.2 percent of positive change in the current price GDP. 

The three major economic activities of the economy; ‘Agriculture’, ‘Industry’ and ‘Services’ have contributed their share to the GDP at current prices by 8.0 percent, 28.7 percent and 58.2 percent respectively, while ‘Taxes less subsidies on products’ component has contributed 5.1 percent of share to the GDP in the first quarter of year 2023.

The Agricultural activities have been expanded by 0.8 % while Industry and Services activities declined by 23.4% and 5% respectively in the first quarter of 2023.