Sri Lanka's GDP contracts 11.8 pct in Q3

Sri Lanka's Department of Census and Statistics said on Thursday that the country's estimated gross domestic product (GDP) contracted by 11.8 percent year-on-year in the third quarter of 2022.

The GDP for the third quarter at constant (2015) price was 2,884 billion rupees (7.9 billion U.S. dollars), the department said.

The department said the overall agriculture, industry and services activities declined by 8.7 percent, 21.2 percent and 2.6 percent respectively in the quarter.

Sri Lanka's real GDP is expected to fall by 9.2 percent this year and 4.2 percent next year, according to a World Bank report.