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WorldPosted at: Jun 29 2022 12:59PM


SL economy contracts 1.6 pc in first quarter

Colombo, June 29 (UNI) Sri Lanka’s Gross Domestic Product (GDP) contracted by 1.6 percent in the first quarter of 2022 as the country's economic activity slowed significantly despite expectations of a recovery after two years of the pandemic, the media reported on Wednesday.
The Department of the Census and Statistics (DCS) said the economic growth cratered due “factors such as inflation, foreign exchange devaluation and dollar deficit”, the Daily Mirror and other newspapers said.
It said the chemical fertiliser shortage during the first quarter had a severe impact on agriculture. As a result, rice production fell significantly.
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