YoY negative 8.4% GDP growth rate in 2Q – 2022
The Department of Census and Statics ( DCS) states that the year on year GDP growth rate for the second quarter of 2022 has been estimated as 8.4% of negative growth rate, against the value reported in the same quarter in the year 2021. Further, the Gross Domestic Product for Sri Lanka for the second quarter of year 2022 at constant price (2015) has declined up to Rs. 2,782,114 million from Rs. 3,038,855 million which was recorded in the second quarter of year 2021.
However, the GDP at constant price (2015) reported in the second quarter of 2022 is higher than the GDP at constant price reported in the second quarter of year 2020 which amounted to Rs. 2,612,069 million. In the second quarter of year 2022, the year on year GDP growth rate is calculated based on the real GDP value reported in the second quarter of previous year. In addition, the Gross Domestic Product for Sri Lanka for the second quarter of 2022 at current price has increased up to Rs. 5,374,716 million from Rs. 4,032,171 million which recorded in the same quarter in year 2021 registering 33.3 percent of positive change in the current price GDP.
The three major economic activities of the economy; ‘Agriculture’, ‘Industry’ and ‘Services’ have contributed their share to the GDP at current prices by 10.2 %, 32.% and 49.4 % respectively, while ‘Taxes less subsidies on products’ component has contributed 8.4 % of share to the GDP in the second quarter of year 2022.
During this quarter, all three major economic activities of Agriculture, Industrial and Services activities have recorded negative growth rates of 8.4 %, 10.0 percent and 2.2 % respectively.