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GDP grew at 4.5% during fourth quarter of 2023, but overall growth remained – 2.3%: DCS

The GDP growth rate of Sri Lanka for 2023 was reported as -2.3%, indicating a contraction, according to the Department of Census and Statistics (DCS). Despite this overall decrease, the agricultural sector experienced a growth of 2.6%, contrasting with declines in the industrial and services sectors, which contracted by 9.2% and 0.2% respectively. However, a positive note was the GDP growth of 4.5% in the fourth quarter of 2023 compared to the same period in 2022. The economic composition of Sri Lanka at current prices was dominated by services at 59.9%, followed by industry at 25.6%, and agriculture at 8.3%. Additionally, taxes less subsidies on products contributed 6.2% to the GDP in 2023.