Sri Lanka's economy shrinks 11.5% in Q1

Sri Lanka's economy shrank 11.5% in the first three months of 2023 from the previous year, government data showed on Thursday. Sri Lanka's central bank projects that GDP will shrink by 2% this year while the International Monetary Fund (IMF) estimates a contraction of 3%.

Sri Lanka's economy shrank 11.5% 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 0.8%, while industries contracted 23.4%, and services dropped 5%. Sri Lanka's central bank projects that GDP will shrink by 2% this year while the International Monetary Fund (IMF) estimates a contraction of 3%.