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.
|Composite Stock Price Index 1||7.0 (Apr21)||7.0||4.0|
|Broad Money Growth 2||20.8 (Mar21)||20.8||22.9|
|Headline Inflation Rate 3||5.1 (Mar21)||4.2||7.0|
|Industrial/ Manufacturing Production Growth Rate 3||-6.0 (Feb21)||0.2||0.0|
|Merchandise Export Growth 3||-3.9 (Feb21)||-3.9||-7.0|
|Exchange Rate Index 4||193.5 (Apr21)||193.4||188.0|
|1 Monthly average, local index.|
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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