It is well placed to make more constitutional amendments with the support of its allies. We expect the economy to stage a gradual recovery in 2021 after experiencing its worst-ever recession in 2020. âWith observed developments in the fourth quarter, we expect the economy to record an annual contraction of around 3.9 percent, Lakshman said while delivering âThe Road Map: Monetary and Financial Sector [â¦] Government Debt to GDP in Sri Lanka averaged 70.18 percent from 1950 until 2019, reaching an all time high of 108.70 percent in 1989 and a record low of 16.30 percent in 1951. Sri Lanka has recorded 1.5 percent of economic growth rate for the 3rd quarter of 2020 and negative 16.3 percent of economic growth rate for the 2nd quarter of 2020. Sri Lanka recorded a government debt equivalent to 86.80 percent of the country's Gross Domestic Product in 2019. The Department of Census and Statistics, releasing preliminary na GDP Growth Rate in Sri Lanka averaged 5.88 percent from 2003 until 2017, reaching an all time high of 16.10 percent in the first quarter of 2012 and a record low of 0.50 percent in the fourth quarter of 2013. Producer's Price Index (PPI) - October 2020. Contribution of travel and tourism to GDP (% of GDP) of Sri Lanka increased from 6.7 % in 2001 to 12.5 % in 2020 growing at an average annual rate of 3.61%. November 17, 2020. In 2020, contribution of travel and tourism to GDP (% of GDP) for Sri Lanka was 12.5 %. The economy should have recovered somewhat in Q3 after it likely contracted at the height of the pandemic in Q2. Aug 06, 2020 (LBO) - Sri Lanka's GDP growth rate for the first quarter of 2020 has been estimated as 1.6 percent of negative growth rate, when compared to the 3.7 percent of positive growth recorded in the first quarter of 2019. World Bank national accounts data, and OECD National Accounts data files. GDP growth (annual %) - Sri Lanka. Sri Lanka: State of the Economy 2020 Pandemics and Disruptions: Reviving Sri Lankaâs Economy COVID-19 and Beyond. The description is composed by our digital data assistant. Globally, the US Dollar Index fell to more than a 2-year Low in August. Monthly Economic Update - August 2020 The Sri Lankaâs economy contracted by 1.6% during Q1-2020 whilst the trade deficit during 1H-2020 narrowed by 9%. By Hiran H.Senewiratne The Sri Lankan economy is expected to contract by around 3.9 percent in 2020, Central Bank Governor Deshamanya Professor W. D. Lakshman said. Mahinda Rajapaksa's Sri Lanka Podujana Peramuna (SLPP) won the parliamentary election in August 2020 with a huge majority. (d) From 2010 onwards, data are based on the GDP estimates of the Department of Census and Statistics with base year 2010. Following 30 years of civil war that ended in 2009, the economy grew at an average 5.3 percent during the period 2010-2019, reflecting a peace dividend and a determined policy thrust towards reconstruction and growth; although growth slowed down in the last few years. Industrial production declined at a much softer rate in JulyâAugust relative to Q2. Central Bank of Sri Lanka (c) Based on revised GDP estimates for 2017 and 2018 released on 31 March 2020 by the Department of Census and Statistics. Sri Lanka is a lower-middle-income country with a GDP per capita of USD 3,852 (2019) and a total population of 21.8 million. Sri Lanka Economic Outlook. The Gross Domestic Product (GDP) in Sri Lanka expanded 1.40 percent in the fourth quarter of 2017 over the same quarter of the previous year. Day Two of the event will commence with a session dedicated towards a focal topic on âEfficient Government and Progressive State Enterprisesâ. 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