Sri Lanka GDP Annual Growth Rate

Last Release

Dec 31, 2022

Actual

-12.4

Units In

-11.8

Frequency

Quarterly

Next Release

Mar 14, 2025

Time to Release

2 Months 24 Days 11 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 economy advanced by 5.5% yoy in Q3 2024, marking the fastest expansion since Q4 2017, as the country continued to recover from its worst financial crisis in decades. Notably, inflationary pressures eased further during the period, coinciding with a decline in interest rates. The expansion was led by a 10.8% surge in the industrial sector, with the construction and mining & quarrying industries posting impressive growths of 23.8% and 25.4%, respectively. Additionally, manufacturing rose by 5.3%, driven by key sub-sectors such as textiles (13.5%), paper products (10.9%), wood products (10.7%), rubber and plastics (9.0%), basic metals (7.2%). Agriculture grew by 3%, on higher production of cereals (46.7%), animals (19.9%), tea (16.3%), marine fishing and aquaculture (9.9%), and fruits (7.3%). The services sector rose by 2.6%, with almost all activities recording growth, primarily accommodation and food services (18.8%) and IT services (16.0%).