Sri Lanka’s economy grew in the quarter ending last September, according to the country’s central bank, in the first growth of Sri Lanka’s economy since the foreign currency crisis caused Colombo to default on its external debt last year.
Sri Lanka’s central bank said the economy recorded a slight growth rate of 1.6% in the quarter ending in September, compared with a contraction of 11.5% a year ago.
The central bank attributed the growth to improvements in transport, services, and agriculture, according to the statement.
Despite positive indicators, overall data for the first nine months of the year show a contraction of 4.9%.
The International Monetary Fund (IMF) had projected Sri Lanka’s gross domestic product (GDP) to grow by 3.6% in 2023.
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