Sri Lanka’s negative economic growth rate improves to -3.1%

Sri Lanka’s negative economic growth rate which was -11.5% in the second quarter of 2022 has improved to – 3.1% second quarter of 2023 said Acting Minister of Finance Dr. Ranjith Siyambalapitiya.

The minister mentioned that agriculture, accommodation and food sectors have contributed towards creating this growth.

The minister pointed out that according to the Department of Census and Statistics 2023 bulletin the industry sector shows a negative growth of 11.5%, the construction industry a negative growth of 23.1%, the service sector a negative growth of 0.8% and the financial sector a negative growth of 18.8%.

Recognizing these conditions and to address them the government has taken various measures to uplift the construction industry.

The minister pointed out that due to the lowering of bank interest rates, the financial sector will also grow in the next two quarters.

The Acting Minister of Finance also mentions that the government is taking additional steps to further develop the food and accommodation sector, which has grown by 34.2% with the arrival of tourists.

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