GDP for 2Q-2024 grows from Rs. 2.6 Bn to Rs. 2.8 Bn

The Department of Census and Statistics (DCS) Sri Lanka, has released the estimated Gross Domestic Product (GDP) at current price and at constant (2015) price in Production approach and the other macroeconomic indicators for the second quarter (April 1 to June 30 ) of 2024.

The GDP for the second quarter of 2024 at constant price (2015) has increased up to Rs. 2,768,293 million from Rs. 2,644,240 million which recorded in the second quarter of 2023.

The year-on-year GDP growth rate for the second quarter of year 2024 has been reported as 4.7 percent of positive growth rate. The Agricultural, Industrial and Services activities expanded by 1.7 percent, 10.9 percent and 2.5 percent respectively in the second quarter of 2024.

Issuing a communiqué, on releasing National Accounts Estimates, the DCS states that the year-on-year GDP growth rate for the second quarter of 2024 has been estimated as 4.7 percent of positive growth rate. Gross Domestic Product for Sri Lanka for the second quarter of the year 2024 at constant price (2015) has increased up to Rs 2,768,293 million from Rs. 2,644,240 million which recorded in the second quarter of the year 2023.

In addition, the Gross Domestic Product for Sri Lanka for the second quarter of 2024 at current price has increased up to Rs. 6,742,504 million from Rs. 6,082,626 million which recorded in the same quarter in year 2023 registering 10.8 percent of positive change in the current price GDP.

The three major economic activities of the economy; ‘Agriculture’, ‘Industry’ and ‘Services’ have contributed their share to the GDP at current prices by 10.0 percent, 25.5 percent and 55.4 percent respectively, while ‘Taxes less subsidies on products’ component has contributed 9.1 percent of share to the GDP in the second quarter of 2024.

In the second quarter of year 2024, the agriculture activities have recorded an expansion of 1.7 percent when compared to the 4.2 percent of growth recorded in the same quarter in the year 2023. All the Industrial activities together reported a 10.9 percent growth in the second quarter of 2024 compared to the reported 11.7 percent decline in the second quarter of the previous year. The ‘Construction industry’ and ‘Mining and quarrying’ industries returned with positive growths of 15.5 percent and 21.5 percent respectively in this quarter

Most of the services activities recorded expansions in the second quarter of 2024 and collectively reported a 2.5 percent growth compared to the reported 0.5 percent contraction in the second quarter of the previous year.