Negative 7.8% GDP growth in 2022 | Daily News

Negative 7.8% GDP growth in 2022

The Department of Census and Statistics (DCS) Sri Lanka, releasing the estimated Gross Domestic Product (GDP) says that GDP growth rate for 2022 has been reported as 7.8% of negative growth rate as against the previous year.

The GDP for the year of 2022 at constant price (2015) has declined to Rs. 12,017,849 million from Rs. 13,037,934 million which was recorded in the year of 2021. The overall agriculture, industry and services activities declined by 4.6%, 16% and 2 % respectively, in the year 2022.

The three major economic activities of the economy; ‘Agriculture’, ‘Industry’ and ‘Services’ have contributed their share to the GDP at current prices by 8.7%, 30.3% and 56.1% respectively, while ‘Taxes less subsidies on products’ component has contributed 4.9% of share to the GDP in the year of 2022.

During the year, all three major economic activities of Agriculture, Industrial and Services have recorded negative growth rates of 4.6%, 16 % and 2 % respectively.

In 2022, the performance of the Service sector has shrunk by 2 % when compared to the year of 2021. During the year 2022, the ‘Financial service activities’ and ‘Insurance services’ have reported shortfalls by 11% and 47.2% respectively.

In addition, ‘Real estate and ownership of dwelling activities’ (12.1%), ‘Programming and broadcasting activities’ (11%), ‘Human health services’ (8.4%), ‘Professional services’ (4.%), ‘IT programming consultancy and related activities’ (2.3%) and ‘Wholesale and retail trade’ (0.2 %) have reported negative growth rates when compared to the previous year. However, among the services related activities ‘Accommodation, food and beverage serving activities’ (27%), ‘Postal and courier services’ (5.7%), ‘Transportation of goods and services’ (3.5%), ‘Education (3.8 percent), ‘Telecommunication’ (3.1%), ‘Public administration and defense’ (1.2%) and ‘Other personal services’ (0.4%) have reported positive growth rates during the year of 2022.

Meanwhile the Gross Domestic Product for Sri Lanka for the fourth quarter of year 2022 at constant price (2015) has declined to Rs. 2,917,721 million for the fourth quarter (October 1 to December 31) of 2022.

During the fourth quarter of 2022, the overall industrial activities have reported 30.1 % of considerable level of contraction and as well the services activities a negative growth rate of 3.9% while the overall agriculture activities have reported a slight positive expansion by 0.7 %.


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