Sri Lankan economy suffered worst ever contraction of 7.8% in 2022

• The Sri Lankan economy suffered the worst ever contraction of 7.8% in 2022 as per data released by the Department of Census and Statistics yesterday.  The worst performance was seen in the fourth quarter, dealing a severe blow of 12.4% negative growth. The contraction in the economy last year was in contrast to 3.5% growth in 2021. 
• The industries sectors suffered the worst contraction of 16% and the sector shrank by 30% in the fourth quarter.
• The census and statistics department said that the economy had shown gradual recovery in 2021 after two years of slowdown owing to the Pandemic and lockdowns. However, deepening of economic crisis in early 2022 and social unrest in addition to power disruptions, and shortages in fuel, raw materials and foreign currency affected supply chain, disruptions which adversely impacted the economy.

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Published date : 17 Mar 2023 07:52PM