Sri Lanka posts 2.3% negative GDP growth in 2023

The GDP growth rate of Sri Lanka for the year 2023 was estimated as a 2.3 per cent negative growth rate, the Department of Census and Statistics (DCS) said in a statement on Friday.

Overall, agricultural activities expanded by 2.6 per cent, while industrial and service activities contracted by 9.2 per cent and 0.2 per cent, respectively, in the year 2023, the DCS said.

The three major economic activities of the economy -- agriculture, industry, and services, contributed their shares to the GDP, at current prices, by 8.3 per cent, 25.6 per cent and 59.9 per cent respectively.

The "taxes less subsidies on products" component accounted for a 6.2 per cent share of the GDP in 2023.

However, the GDP for the fourth quarter of 2023 registered a 4.5 per cent positive growth, the DCS highlighted.

In the fourth quarter of 2023, agricultural, industrial and services activities grew by 0.6 per cent, 7.9 per cent and 2.8 per cent respectively, it said.