The economy of Sri Lanka shrank 1.6 percent year-on-year in the first quarter of 2020, following a 2 percent growth in the previous period. That was the first economic contraction since available records began in the third quarter of 2003, as the Covid-19 crisis and associated containment measures weighed on economic activity, in particular hitting industrial activity (-7.8 percent vs 1.4 percent in Q4) and agriculture (-5.6 percent vs -4.1 percent). Meanwhile, services expanded modestly (3.1 percent vs 2.7 percent), boosted by wholesale and retail trade (4.1 percent vs 4 percent); IT programming consultancy and related (9.6 percent vs 8.2 percent) and financial activities (9 percent vs 0.1 percent). In contrast, a sharp decline was recorded in the tourism sector as reflected in accommodation, food & beverage services (-6.2 percent vs -5.4 percent), following the cancellation of all passenger flights from late March to prevent the spread of the coronavirus pandemic.
GDP Annual Growth Rate in Sri Lanka averaged 5.44 percent from 2003 until 2020, reaching an all time high of 16.12 percent in the first quarter of 2012 and a record low of -1.60 percent in the first quarter of 2020. This page provides the latest reported value for - Sri Lanka GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Sri Lanka GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020. source: Department of Census and Statistics - Sri Lanka
GDP Annual Growth Rate in Sri Lanka is expected to be 0.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Sri Lanka to stand at 5.50 in 12 months time. In the long-term, the Sri Lanka GDP Annual Growth Rate is projected to trend around 4.00 percent in 2021 and 4.50 percent in 2022, according to our econometric models.