The economy of Sri Lanka shrank by 8.4% in Q2

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Last Updated on September 25, 2022 by Bitfinsider

According to data released by the government statistics department on Thursday (Sep 15), Sri Lanka’s economy shrank 8.4% in the April to June quarter compared to the same period a year earlier as the nation battles its worst economic crisis in more than seven decades.

People in Sri Lanka are struggling to pay for vital imports like food, fuel, fertilisers, and medications due to a severe dollar shortage brought on by economic mismanagement and the COVID-19 pandemic.

The 22 million-person island experienced a 1.6% decline in growth during the first quarter of 2022.

Agriculture shrank by 8.4%%, industries by 10%, and services by 2.2% in the second quarter compared to the same time a year earlier, according to the government-run Census and Statistics Department.

According to the central bank of Sri Lanka, the country’s GDP will experience an 8% decline in 2022.

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