Sri Lanka’s economy grew by 4.7% year-on-year in the second quarter of 2024, continuing the positive trend seen since September 2023. However, this was slightly lower than the 5.3% growth recorded in Q1 2024.
The industry sector, accounting for 25.5% of GDP, drove growth with a 10.9% increase. The services sector, making up 55.4% of GDP, expanded by 2.5%, while agriculture, contributing 10%, grew by 1.7%. Taxes less subsidies grew by 2.8%.
Despite heavy rainfall affecting key crops, increased hydroelectric power generation and rising tourist arrivals helped maintain growth. Economic conditions, such as lower inflation and interest rates, also supported businesses during the quarter.
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Last modified: September 17, 2024
