COLOMBO :Sri Lanka's economy shrank 11.5 per cent in the first three months of 2023, official data showed on Thursday, as the country remained in the grip of its worst financial crisis in decades.The downturn was driven by high inflation and high interest rates, the rising cost of components, as well as restr
COLOMBO :Sri Lanka's economy shrank 11.5 per cent in the first three months of 2023, official data showed on Thursday, as the country remained in the grip of its worst financial crisis in decades.
The agriculture sector grew 0.8 per cent from a year earlier, while output from industries contracted 23.4 per cent and services dropped 5 per cent, the department said. “This is a slightly bigger contraction than our expectations of 9 per cent-10 per cent. But we project growth to turn back to positive in the second half of the year,” said Shehan Cooray, head of research at Acuity Stockbrokers.
"A pickup in private sector credit will be a growth positive and credit growth will increase over the next six to nine months," Cooray added.
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