Sri Lanka’s GDP declined 8.4% year-on-year in the second quarter of 2022, the state statistics office reported. The country is in the midst of its biggest currency crisis in intermediate regime central bank history.
Agriculture, industry, and services all contracted.
Economy grew 33% in rupees.
Statistics office: power cuts, fuel shortages, lack of imported raw materials, fertiliser, and passenger transport disruptions hurt economy.
Sri Lanka’s rupee fell to 360 to the US dollar in 2022 after two years of money printing caused cash shortages.
In May 2022, Sri Lanka defaulted.
Cereals plummeted 32.3%, tea fell 19.7%, rice fell 15.6%, marine fishing fell 15.3%, rubber fell 13.7%, animal production fell 13.6%, and vegetable growing fell 13.2%.
Freshwater fishing rose 11.2%, coconut 10.5%, forestry and logging 9.0%, and spices 3.2%.
Manufacturing fell 5.3% in the quarter. Textiles, clothing, and leather grew 28.2%.
Food, drink, and tobacco manufacturing fell 11%. Refined oil production plummeted 78%.
Construction, 9.5% of GDP, fell 16.2%. 26.7% decline in mining and quarrying
Insurance services plummeted 16.8%, programming and broadcasting fell 8.4%, real estate ownership fell 6%, and goods and passenger transport and warehousing lost 0.7%.
IT programming consultancy and related activities’ 1.9% GDP share has shrunk 4.3%.
Power outages, gasoline shortages, FX rules, uncertain operating climate, and civil upheaval slowed second-quarter growth.
Accommodation, food and beverage service gained 35.3%, postal and courier services soared 11.7%, telecommunications rose 8.6%, educational services grew 5.0%, and wholesale and retail trade grew 1.7%.