Sri Lanka’s economy contracts by 16.3-pct in 2Q 2020; grows 1.5-pct in 3Q

Dec 16, 2020 (LBO) – Sri Lanka has recorded a 1.5 percent of economic growth rate for the third quarter of 2020 and a negative 16.3 percent of economic growth rate for the second quarter of 2020, the statistics office said.

The second quarter GDP estimates, has shown unprecedented fall in real GDP by 16.3 percent, with compared to the 1.1 percent of growth rate recorded in the second quarter of 2019, and it is the largest drop ever recorded in the Sri Lanka history.

The four major components of the economy; ‘Agriculture’, ‘Industry’, ‘Services’ and ‘Taxes less subsidies on products’ have contributed their share to the GDP at current prices by 9.7 percent, 24.8 percent, 61.2 percent and 4.3 percent respectively in the second quarter of 2020.

Accordingly, the GDP estimates of the second quarter of 2020, have reported contraction in all three major economic activities of Agriculture, Industrial and services by 5.9 percent, 23.1 percent and 12.9 percent respectively.

The GDP growth rate for the third quarter of 2020 has been estimated as 1.5 percent of positive growth rate when compared to the 2.4 percent of positive growth recorded in the third quarter of 2019.

The four major components of the economy; ‘Agriculture’, ‘Industry’, ‘Services’ and ‘Taxes less subsidies on products’ have contributed their share to the GDP at current prices by 8.
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2 percent, 27.7 percent, 56.8 percent and 7.4 percent respectively in the third quarter of 2020.

The Agriculture sector, has reported a substantial growth in the value addition of the agricultural production by 4.3 percent during the third quarter in the 2020.

Following that the industrial sector, has also reported 0.6 percent of growth during this quarter. Out of that, the manufacturing industry, has shown a significant growth by 5.3 percent during this quarter, when compared to the third quarter in year 2019. Moreover, the Services sector too recorded 2.1 percent of positive growth rate during this quarter.