December 22, Colombo (LNW): The Western Province maintained its position as the largest contributor to Sri Lanka’s nominal GDP in 2023, accounting for 43.7 per cent of the total economic output, according to the Central Bank of Sri Lanka (CBSL).
However, this figure represents a slight decline compared to the previous year, signalling a marginal reduction in the region’s dominance within the national economy.
The Western Province’s leading role was most apparent in the Industry and Services sectors, where it played a pivotal part in shaping the country’s economic performance.
Whilst the Western Province continues to be the clear frontrunner, the North Western and Central Provinces followed closely behind, contributing 10.9 per cent and 10.3 per cent to Sri Lanka’s nominal GDP, respectively.
Despite this, these regions saw an increase in their share of the economy compared to 2022, reflecting some growth in their economic standing.
Other provinces also experienced a rise in their nominal GDP contributions in 2023, with the Central, North Central, Northern, and Southern Provinces all registering gains.
Whilst the overall pace of growth slowed down across all provinces compared to the previous year, CBSL indicated that the nation’s regional economies still showed positive expansion.
The North Western Province continued to be a dominant force in agriculture, contributing 19.6 per cent to the sector’s total value in 2023. This was followed by the Southern Province, which contributed 13.5 per cent, and the Central Province at 12.4 per cent.
These regions have long been integral to Sri Lanka’s agricultural output, and their performance remains crucial to the country’s rural economy.
In the Industrial sector, the Western Province maintained its commanding presence, accounting for a substantial 48.7 per cent of the overall value. This vast contribution underscores the province’s centrality to Sri Lanka’s manufacturing and industrial activities.
The North Western Province followed as the second-largest contributor, at 12.3 per cent, whilst the Central Province’s share stood at 9.3 per cent, marking it as another important player in the nation’s industrial landscape.
In terms of Services, the Western Province was once again the leader, contributing 45.9 per cent of the total services sector output. The Central Province came in second, with 10.4 per cent, followed closely by the Southern Province, which accounted for 9.9 per cent of services activities.
These figures highlight the continued prominence of the Western Province in Sri Lanka’s growing services sector, which includes areas such as finance, trade, and tourism.
Challenges, nevertheless, persist, as all regions face slower growth compared to the previous year.
