AEIR 2022

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 8.0 (Apr22)10.0 7.0
Broad Money Growth 2 11.8 (Feb22)11.8 12.2
Headline Inflation Rate 3 21.5 (Mar22)17.5 5.1
Industrial/ Manufacturing Production Growth Rate 3 2.2 (Feb22)-7.0 -4.8
Merchandise Export Growth 3 17.5 (Jan22)17.5 19.2
Exchange Rate Index 4 318.8 (Apr22)250.6 193.5
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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