By Uditha Jayasinghe COLOMBO (Reuters) - Sri Lanka's economy shrank 3.1% in the April-June quarter, official data showed on Friday, as the embattled ...
By Uditha Jayasinghe COLOMBO - Sri Lanka's economy shrank 3.1% in the April-June quarter, official data showed on Friday, as the embattled country struggles to inch out of its worstBy Uditha Jayasinghe
COLOMBO - Sri Lanka's economy shrank 3.1% in the April-June quarter, official data showed on Friday, as the embattled country struggles to inch out of its worst financial crisis in decades. The downturn was driven by high inflation, a depreciating currency and lower purchasing power, the Census and Statistics Department said in a statement.
The agriculture sector grew 3.6% from a year earlier, while output from industries contracted 11.5% and services dropped 0.8%, the department said. Sri Lanka's central bank projects that GDP will shrink by 2% this year, having contracted 7.8% in 2022, after the island's economy ran into a severe foreign exchange crisis that decimated growth.
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