In an official announcement unveiling the National Accounts Estimates, the Department of Census and Statistics (DCS) has revealed a concerning economic outlook for the second quarter of 2023. The report highlights a year-on-year GDP growth rate of -3.1%, marking a significant decline when compared to the corresponding quarter in 2022.
Furthermore, the Gross Domestic Product (GDP) for Sri Lanka in the second quarter of 2023, computed at a constant price (2015), has experienced a substantial drop, falling from Rs. 2,680,074 million in the second quarter of 2022 to Rs. 2,597,441 million.
It’s worth noting that the year-on-year GDP growth rate for the second quarter of 2023 is calculated based on the real GDP value reported in the same quarter of the previous year. The provided figure below illustrates the fluctuations in real GDP levels in the second quarter GDP series, spanning from 2018 to 2023.
