[Public]

National Accounts Estimates - 2023 Q1

Q1 Growth %
2022 2023 The Sri Lankan Economy contracted by -11.5
% in 2023 Q1 driven by contractions in
GDP -0.5 % -11.5 % Industry and Services activities.

• Industry activities declined largely due to the

Agriculture -4.4 % 0.8 %
significant contractions in construction and
manufacturing activities, while the decline in
Industry -3.7 % -23.4 % financial services and real estate activities led
the contraction in Services activities.

Services 1.8 % -5.0 % • On a positive note, Agriculture activities

recorded a growth in 2023 Q1, mainly driven
Taxes Less by the increase in growing of rice and spices.
-1.7 % -28.7 %
Subsidies

GDP at Constant (2015)

Quarterly Real GDP Growth (%) Share of GDP
Prices, 2015 Q1 - 2023 Q1
Taxes less Rs. million
13.8
Subsidies on Agriculture 4,000,000
Products 7.2%
4.5 4.6% 3,500,000
Industry
26.0% 3,000,000
2,500,000
1.4
-0.5 2,000,000
-3.2
1,500,000
-7.4
-11.5 1,000,000
-12.4 -11.5
500,000
2022 Q4
2021 Q1

2021 Q2

2021 Q3

2021 Q4

2022 Q1

2022 Q2

2022 Q3

2023 Q1

Services 0
62.1%

Growth Rates of Agriculture Growth Rates of Industry Growth Rates of Services

Activities - 2023 Q1 Activities - 2023 Q1 Activities - 2023 Q1

Rice 42.1 Mining and quarrying -45.7 -38.3

Insurance
-33.2
Cereals (except rice) 13.0 Financial Service activities
Programming and
-28.7
Supporting activities 10.3 Construction -38.3 broadcasting activities

Spices, aromatic, drug and -18.3

8.8 Real estate activities
pharmaceutical crops
Electricity, gas, steam -8.7
Human health activities
Plant propagation 6.7 and air conditioning -15.0
supply -7.2
Computer programming
Fruits 4.4
-4.4
Professional services
Sugar cane, tobacco and other Manufacturing -13.5
2.6
non-perennial crops -4.0
Telecommunication
Vegetables 1.5
-1.1
Wholesale and retail trade
Water collection,
Oleaginous fruits -4.8 -5.6
treatment and supply -0.8
Public administration
Fishing -5.5 1.3
Sewerage, Waste Other personal services
collection, treatment
Animal production -11.9 1.5 2.8
and disposal activities; Transportation
materials recovery
5.2
Forestry and logging -25.5 Accommodation

Source: Department of Census and Statistics

Statistics Department
Central Bank of Sri Lanka