Finance State Minister Dr. Ranjith Siyambalapitiya said the GDP growth rate of -12.4% in the last quarter of 2022 has increased to 4.5% in the last quarter of 2023. The Minister also mentioned that paddy cultivation has increased by 20% due to the rise in external inputs, including fertilizers, indicating an improvement in the country’s agriculture during that quarter.
The State Minister highlighted that the latest census statistics confirm steady economic growth.
The minister pointed out these facts, citing figures regarding the production for the fourth quarter of 2023.
Commenting further on this, the minister said:”In 2022, the agriculture sector, which experienced a growth rate of -4.6%, is expected to show a positive value of 4.5% in 2023. This is primarily due to common external inputs, with the provision of fertilizers being the main one.”During that period, paddy cultivation has achieved a growth of 20%. The negative growth rate of 16% in the industrial sector in 2022 has reduced to a negative value of 9.2% in 2023.”However, the growth in the last quarter of 2023 is indicated as a positive value of 7.9%.
“In the industrial sector, the negative economic growth of -12.4 % recorded in the fourth quarter of 2022 has turned into a positive growth of 4.5 % in the fourth quarter of 2023.”
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