Saturday, 10 April 2021 00:25

Sri Lankan economy records -3.6 per cent GDP growth Featured

The Sri Lankan economy has contracted at 3.6 per cent in 2020 lower than initial projections, the Department of Census and Statistics (DCS) announced.

Despite the second wave of COVID-19 in the country, the economy grew by 1.3 per cent in the last quarter of 2020 from a year earlier.

The merchandise trade deficit continued to narrow during January 2021, while preliminary data for February 2021 showed a further reduction in the trade deficit, driven by a larger contraction in expenditure on imports over earnings from exports.
Workers’ remittances continued to record a healthy growth thus far in 2021 and this momentum is expected to continue in the remainder of the year. The tourism sector is expected to recover gradually with the opening of the borders along with

Although the Sri Lankan rupee experienced some volatility recently, the continuation of the existing restrictions on non-essential imports and certain foreign exchange outflows, among others, is expected to help cushion pressures in the domestic foreign exchange market.

Gross official reserves were estimated at US dollars 4.1 billion (excluding the swap facility with the PBOC), with an import cover of 3 months, at end March 2021.

 

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