INSUBCONTINENT EXCLUSIVE:
The Sri Lankan economy has contracted by 3.1% in the second quarter of this year against the value reported in the same quarter in the
previous year, according to data released by the Department of Census and Statistics (DCS).Outlining the background of the analysis the
Department of Census and Statistics stated that, in the second quarter of year 2023, the pressure on short-term and long-term investments
the deterioration of international competitiveness in terms of exports and as a result, it has led to a decrease in export volumes.Along
with those developments, the consumption pattern of the general public was limited to consuming mainly consumer goods due to the pressure
added.Moreover, the high input costs have led to the deterioration of international competitiveness in terms of exports and as a result, a
the economy contributed by 10.4% while the Industrial and Services sectors contributed their share to the GDP at current prices by 27% and
according to the relevant department.The department further highlighted that during this quarter, agricultural activities have expanded by
3.6% while Industrial and Services activities have contracted by 11.5% and 0.8% respectively.
