Tuesday, July 23, 2024
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Sri Lanka’s GDP Grows by 5.3% in First Quarter of 2024

June 15, Colombo (LNW): Sri Lanka’s year-on-year GDP growth rate for the first quarter of 2024 has been estimated at a positive 5.3%, according to the Department of Census and Statistics (DCS).

The DCS released the estimated Gross Domestic Product (GDP) at current and constant (2015) prices using the Production approach, along with other macroeconomic indicators for the first quarter (January 1st to March 31st) of 2024.

The GDP at constant prices (2015) for the first quarter of 2024 increased to Rs. 3,329,583 million from Rs. 3,161,963 million recorded in the first quarter of 2023.

In detail, the Agricultural, Industrial, and Services sectors expanded by 1.1%, 11.8%, and 2.6% respectively in the first quarter of 2024.

Issuing a communiqué on the release of the National Accounts Estimates, the DCS confirmed the year-on-year GDP growth rate for the first quarter of 2024 at 5.3%.

Overall, the GDP growth reflects a significant increase, with the GDP at constant price (2015) reaching Rs. 3,329,583 million in the first quarter of 2024, up from Rs. 3,161,963 million in the same period of 2023.

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