Sri Lanka’s GDP contracted by 11.8% in the third quarter of 2022

Sri Lanka’s gross domestic product has contracted by 11.8 percent in the third quarter of 2022.

The quarterly performance has been the worst so far this year as the GDP has contracted 7.1 percent over the period from January till September. The island nation has been facing its worst-ever economic crisis which involved two years of money printing and a currency collapse.

The biggest decline was seen in industries at 21.2 percent while services contracted by 2.6 percent. Agriculture was estimated to have declined by 8.7 percent.