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Sri Lankan economy contracted by 3.1 per cent in 2023 Q2

The Sri Lankan economy contracted by 3.1 per cent in 2023 Q2, driven by the subdued performance in Industry and Services activities, while Agriculture activities recorded a growth. Accordingly, Agriculture activities grew by 3.6 per cent, while Industry and Services activities contracted by 11.5 per cent and 0.8 per cent, respectively. Furthermore, Taxes less Subsidies on Products recorded a 12.6 per cent increase, according to Weekly Economic Indicators report of the Central Bank of Sri Lanka.

Meanwhile, the Index of Industrial Production (IIP) in July 2023 increased by 7.2 per cent to 91.7 compared to July 2022, mainly contributed by the increases reported in the manufacture of Coke and refined petroleum products (7,511.4 per cent) and Food products (7.7 per cent).

In August 2023, Purchasing Managers’ Indices for Manufacturing and Services activities recorded index values of 49.3 and 57.6, respectively, indicating a softening of the contraction in Manufacturing activities and an expansion in Services activities, on a month-on-month basis, according to CBSL report.

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