AEIR 2021

GDP contracted by 3.6% in 2020. The economy contracted 1.8% in the first quarter of 2020, largely before the pandemic, falling sharply by 16.4% during the second quarter general lockdown. By early June, successful containment allowed much of the economy to reopen, leading to 1.3% growth in the third quarter. The unemployment rate rose from 4.8% in 2019 to 5.5% in 2020. Industry contracted most, falling by 6.9%, with construction down by 13.2% and manufacturing by 3.9%. Services fell by 1.5%, with transportation down by 6.7% and accommodation and restaurants plummeting by 39.4%. This was mitigated in part by a 15.4% growth in telecommunications, 10.9% in finance, and 1.4% in wholesale and retail trade. Average annual inflation, as measured by the Colombo consumer price index, rose from 4.3% in 2019 to 4.6% in 2020.

Source: Asian Development Outlook 2021.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 7.0 (May21)7.0 4.0
Broad Money Growth 2 20.8 (Mar21)20.8 22.9
Headline Inflation Rate 3 5.5 (Apr21)5.1 5.9
Industrial/ Manufacturing Production Growth Rate 3 42.2 (Mar21)-4.8 -27.8
Merchandise Export Growth 3 66.2 (Mar21)66.2 -3.9
Exchange Rate Index 4 193.5 (May21)193.5 183.5
1 Monthly average, local index.
2 %.
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
Source: Bloomberg LP; CEIC database; Department of Census and Statistics; ; Central Bank of Sri Lanka.

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