Asia Regional Integration Center
Tracking Asian Integration
After contracting by 3.6% in 2020, reviving domestic demand and exports drove growth up by 3.7% in 2021. Services grew by 3.0%, industry by 5.3%, and agriculture by 2.0%. The economic recovery, however, has been significantly affected by fiscal and monetary macroeconomic issues, apart from persistent COVID-19 restrictions. Private consumption rose by 7.5% in the first 9 months of 2021 from a low 2020 base, while government consumption increased by 2.2%, mostly to contain the pandemic. The Colombo consumer price index averaged 6.0% in 2021, up from 4.6% in 2020, accelerating to 15.1% year-on-year in February 2022. Stymied by a large debt overhang, fiscal and external financing needs, and double-digit inflation, among others, GDP growth is expected to slow to 2.4% in 2022 before rising slightly to 2.5% in 2023.
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Composite Stock Price Index 1 | 9.0 (Apr23) | 9.0 | 8.0 |
Broad Money Growth 2 | 8.4 (Feb23) | 8.4 | 9.0 |
Headline Inflation Rate 3 | 59.2 (Dec22) | 65.0 | 14.0 |
Industrial/ Manufacturing Production Growth Rate 3 | -16.9 (Feb23) | -13.4 | 2.0 |
Merchandise Export Growth 3 | -10.2 (Feb23) | -10.2 | -11.5 |
Exchange Rate Index 4 | 314.0 (Apr23) | 323.4 | 318.8 |
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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