Sri Lanka’s GDP Grew At 5.3% During First Quarter Of 2024

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By  News On Air   Jun 15, 2024

Sri Lanka’s GDP has been reported to have grown by 5.3% in the first quarter of 2024. Sri Lanka’s Department of Census and Statistics has released the estimated Gross Domestic Product figures at current prices and at constant prices valued at 2015 prices, along with other macroeconomic indicators for the period.

The year-on-year GDP growth rate for the first quarter of 2024 has been reported as 5.3 percent, reaching 3,329 billion Lankan Rupees.

The island nation has been making efforts to wiggle out of an economic crisis that saw its forex reserves deplete, resulting in a short supply of essentials, while it defaulted on external debt commitments in April of 2022.

With Indian assistance of over 4 billion US dollar which exemplified India’s Neighbourhood first policy in action, the Indian Ocean country managed the crisis before securing a 2.9 billion US dollar package from IMF.

While IMF had projected a contraction of 7.8 percent and 2.3 percent for 2022 and 2023, respectively, a positive GDP growth in the current year brings about cheer in the market, which can help Sri Lanka attract investors.