Sri Lanka GDP Annual Growth Rate

Last Release

Dec 31, 2022

Actual

-12.4

Units In

-11.8

Frequency

Quarterly

Next Release

Dec 17, 2024

Time to Release

3 Months 1 Days 5 Hours

Highest	Lowest	Average	Date Range	Source
16.12 Mar 2012	-16.4 Jun 2020	4.27 %	2003-2022	Department of Census and Statistics - Sri Lanka

In Sri Lanka, services are the biggest sector of the economy and account for 58 percent of total GDP. Within services the most important segments are: wholesale and retail trade (21 percent); transport and communication (13 percent) and banking, insurance and real estate (11 percent). Industry accounts for 30 percent of total output. Within industry, manufacturing represents 18 percent of GDP and mining and construction account for 10 percent. The remaining 12 percent is contributed by agriculture, livestock, forestry and fishing.

Latest Updates

Sri Lanka's GDP rose 4.7% year-on-year in the second quarter of 2024, down from a 5.3% growth in the previous quarter, which was the highest in nearly 3 years. Growth was seen across multiple sectors, with agriculture up 1.7%, primarily boosted by an 8.6% rise in animal production and a 7.7% increase in marine fishing. The industrial sector surged 10.9%, driven by significant gains in electricity production (+21.9%), mining and quarrying (+21.5%), construction (+15.5%), and manufacturing (+7%). Additionally, the services sector expanded by 2.5%, with notable contributions from accommodation, food & beverage (+21.1%), insurance (+14.1%), and IT (+14%).