COLOMBO :Sri Lanka's economy shrank 11.5 per cent in the first three months of 2023 from the previous year, government data showed on Thursday.The country is experiencing its worst financial crisis in decades.The state-run Census and Statistics Department said the agriculture sector showed growth of 0.
COLOMBO :Sri Lanka's economy shrank 11.5 per cent in the first three months of 2023 from the previous year, government data showed on Thursday.The state-run Census and Statistics Department said the agriculture sector showed growth of 0.8 per cent, while industries contracted 23.4 per cent, and services dropped 5 per cent.
Sri Lanka's central bank projects that GDP will shrink by 2 per cent this year while the International Monetary Fund estimates a contraction of 3 per cent.
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