Sri Lanka’s GDP growth rate for the first quarter of 2026 has been estimated as 5.1 per cent of positive growth, the Department of Census and Statistics said, releasing the National Accounts Estimates.

Accordingly, the Gross Domestic Product for Sri Lanka for the first quarter of the year 2026 at constant price (2015) has increased up to Rs 3,652,503 million from Rs. 3,476,664 million which was recorded in the first quarter of 2025. 

In addition, the Gross Domestic Product for Sri Lanka for the first quarter of 2026 at current price has increased up to Rs. 9,164,652 million from Rs. 8,253,485 million which recorded in the same quarter in 2025 registering an 11.0 percent of positive change in the current price GDP. 

The three major economic activities of the economy; ‘Agriculture’, ‘Industry’ and ‘Services’ stood at 7.3 percent, 27.2 percent and 54.2 percent respectively as their shares to the Gross Domestic Product(GDP) of the economy.

‘Taxes less subsidies on products’ accounted for a share of 11.3 percent of the GDP in the first quarter of 2026.

National Accounts Estimates of Sri Lanka (Newswire)

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Sri Lanka’s economy recorded strong growth in 2025, with GDP per capita rising to USD 5,003 compared to USD 4,546 in 2024, according to the Central Bank of Sri Lanka (CBSL). 

According to a CBSL statement, the increase was supported by nominal GDP expansion alongside a decline in the mid‑year population.

Despite the impact of Cyclone Ditwah, the country’s Gross Domestic Product (GDP) at constant prices grew by 5.0%, with all four quarters contributing positively. 

Industry activities, particularly manufacturing and construction, drove the overall expansion, while services such as financial and transport activities also made substantial contributions. Agriculture outperformed its 2024 growth, adding further momentum.

GDP at current market prices rose to Rs. 32,750.8 billion in 2025 from Rs. 30,095.8 billion in 2024, with the GDP deflator recorded at 3.7%. 

Gross National Income (GNI) increased to Rs. 32,142.2 billion, reflecting net primary income from abroad.

In USD terms, GDP at current market prices climbed to USD 108.8 billion in 2025 from USD 99.6 billion in 2024. 

GNI per capita also rose to USD 4,910 compared to USD 4,428 in 2024, underscoring the resilience of the economy and improved living standards. (Newswire)

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The Department of Census and Statistics has stated that Sri Lanka’s GDP growth rate for 2025 has been estimated at 5.0 per cent.

Issuing a communiqué on the National Accounts Estimates, the department noted that the Gross Domestic Product at constant prices (2015) increased to Rs. 13,128,577 million in 2025, compared to Rs. 12,508,954 million recorded in 2024.

At current prices, GDP rose to Rs. 32,750,844 million in 2025 from Rs. 30,095,825 million in 2024, reflecting an 8.8 per cent positive change.

The three major economic activities: Agriculture, Industry, and Services, contributed 8.4 per cent, 25.4 per cent, and 54.6 per cent respectively to GDP at current prices, while the component ‘Taxes less subsidies on products’ accounted for 11.6 per cent.

All three sectors expanded in 2025: Agriculture by 1.4 per cent, Industry by 7.8 per cent, and Services by 3.3 per cent.

Key highlights of the National Accounts Estimates are as follows;

-Performance in Agricultural Activities

• Agriculture grew by 1.4% in 2025, up from 0.6% in 2024.
• Strong growth came from plant propagation (28.1%), forestry (10.7%), animal production (10.5%), coconuts/oleaginous fruits (8.2%), rice (5.3%), and sugar cane/tobacco (4.2%).
• Declines were seen in freshwater fishing (‑45.3%), coffee/cocoa/beverage crops (‑10.1%), vegetables (‑7.1%), rubber (‑6.0%), and other perennial crops (‑5.1%), mainly due to adverse weather.

-Performance in Industrial Activities

• Industry expanded 7.8% in 2025, slower than 11.1% in 2024.
• Major growth drivers: construction (9.2%) and mining/quarrying (16.9%).
• Manufacturing grew 6.2%, with strong gains in petroleum products (16.9%), mineral products (16.2%), metals (15.8%), paper (10.5%), textiles (8.0%), and food/beverages (5.2%).
• Only one decline: repair/installation of machinery (‑5.8%).
• Utilities also grew: electricity/gas (9.2%), water supply (5.7%), and waste treatment (8.1%).

-Performance in Services Activities

• Services grew 3.3% in 2025, up from 2.4% in 2024.
• Biggest contributors: insurance (14.6%), IT consultancy (12.8%), accommodation/food (12.4%), and financial services (10.6%).
• Other areas like postal services (8.9%), real estate (3.6%), telecom (3.1%), transport (3.0%), and healthcare (3.0%) also expanded.
• Only decline: public administration and defence (‑1.3%).

-Performance in the 4th Quarter of 2025

• GDP grew 4.8% in Q4 2025, compared to 5.6% in Q4 2024.
• At constant prices: GDP rose to Rs. 3,414,142 million (from Rs. 3,256,900 million).
• At current prices: GDP rose 10% to Rs. 8,700,316 million.
• Sector growth in Q4: agriculture (2.1%), industry (7.3%), services (3.1%).

Full report: https://www.statistics.gov.lk/qlink/PressReleases/GDPSummaryIndicatorsQ42025_En (Newswire)

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Sri Lanka’s Provincial Gross Domestic Product (PGDP) data for 2024 highlights the continued dominance of the Western Province in the national economy, while other provinces recorded notable increases in their contributions.

According to official figures from the Central Bank of Sri Lanka, the Western Province accounted for 42.4 per cent of the country’s nominal GDP in 2024, maintaining its position as the largest contributor. The province’s prominence was driven by strong activity across both the Services and Industry sectors.

The North Western Province followed with an 11.5 per cent share, while the Central Province contributed 10.7 per cent, making them the second and third highest contributors to the economy.

Contributions from the Central, Eastern, North Western, Sabaragamuwa, and Uva provinces also increased compared with 2023, reflecting a broader distribution of economic activity across the country.

In terms of sectoral contributions, the North Western Province led agricultural activities, accounting for 20.0 per cent of the national total. The Central Province (13.9 per cent) and Southern Province (11.8 per cent) were the next highest contributors to agriculture.

Industry activities remained concentrated in the Western Province, which contributed 47.6 per cent of the total industry value. The North Western Province (12.0 per cent) and Central Province (9.6 per cent) followed as key contributors.

Meanwhile, the Western Province also led services activities, accounting for 44.5 per cent of the national total. The Central Province contributed 10.7 per cent, while the North Western Province added 10.1 per cent.

The data underscores the Western Province’s continued economic dominance, while also highlighting the growing role of other provinces in shaping Sri Lanka’s overall economic landscape. (Newswire)

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Sri Lanka’s economy grew 4.9% year-on-year in the second quarter of 2025, according to data released by the Department of Census and Statistics.

GDP at constant 2015 prices rose to Rs. 2,883 billion, up from Rs. 2,749 billion in the same quarter of 2024.

Meanwhile, agriculture grew 2%, industry 5.8%, and services 3.9% during the period. (Newswire)

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The Government has set a target of increasing the manufacturing sector’s contribution to the country’s GDP from 16% to 20%, by the year 2030, the Ministry of Industry said.

Secretary to the Ministry, Shantha Weerasinghe said it also includes raising the role of entrepreneurship in the workforce from 2.8% to 7% and boosting industrial exports’ contribution to GDP from 14% to 20%. 

He pointed out that to achieve these objectives, the “National Industry Policy,” along with the five-year strategic plan for 2023-2027, has been prepared to establish a globally competitive national industry base in Sri Lanka. 

Shantha Weerasinghe further said that the five-year strategic plan for 2023-2027 has already been submitted to the Department of National Planning.

He also emphasized that the Ministry of Industry has played a crucial role in reviving the country’s economy amid past economic crises.

The Secretary to the Ministry of Industry made the remarks while addressing a press briefing held at the Presidential Media Centre (PMC) on Wednesday. (Newswire)

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India’s economy has become more robust and resilient; the economic growth is strengthening quarter after quarter; the Q3 growth at 8.4% indicates a strong growth trajectory to continue in the coming quarters too.

Manufacturing, construction, and electricity sectors have become the major growth drivers in recent quarters. The overall real GDP growth projected by NSO (National Statistical Organisation, India) at 7.6% in 2023-24 is highest not only among the leading economies but also many emerging and developing countries.

According to the recent IMF update (January 2024) World Economy will grow at 3.1%, Advanced Economies at 1.5% and Emerging Markets and Developing Economies at 4.1% in 2024. India is significantly supporting the growth of South Asia, which is projected to grow at 5.9% in 2024.

South Asia’s share in global GDP has increased significantly from 3.2% in 2014 to 4.5% in 2023. India’s share in global GDP increased from 2.5% in 2014 to 3.4% in 2023. India’s share in the South Asia’s GDP increased from 77% in 2020 to 80% in 2023 followed by Bangladesh’s share in South Asia GDP increasing from 5.7% in 2014 to around 10% in 2023.

In the recent years, India has experienced a progressive growth trajectory characterized by an expanding Gross Domestic Product (GDP) year after year. All the economic fundamentals including Agriculture, Manufacturing, Construction, Electricity, Gas, Water Supply, Mining and quarrying, Public Administration, Defense, and other Services are paying pivotal roles in strengthening India’s overall growth and development.

This emphasizes the diverse and multifaceted nature of India’s economic landscape, highlighting the strategic importance of various sectors in driving the nation’s overall economic growth.

The manufacturing sector has grown at 11.6% in Q3 2023-24 on the back of strategic reforms and prudent policy measures by the government and efforts of industry.

Significant ease of doing business along with removal of tedious compliances and decriminalisation of many minor offences has bolstered the manufacturing sector. The government has significantly improved the Ease of Doing Business.

Recently, more than 40,000 compliances have been removed and more than 3,400 legal provisions have been decriminalized to enhance Ease of Doing Business. With the advent of new technologies and robust eco-system, the country has become second largest mobile producer in the World.

The consistent growth in the construction sector at 9.5% is indicating the creation of new employment as the construction sector absorbs skilled, semi-skilled, and unskilled chunks of the workforce in in the real estate and infrastructure projects.

High growth in the electricity, gas, water supply & other utility services at 9% is inspiring as this indicates a broad-based growth and development of the Indian economy. The services sector growing at a steady pace of more than 7% is displaying that India’s growth momentum will continue as services contribute significantly 54% in the GDP.

The gross fixed capital formation at 32.4% of GDP for Q3 2023-24, higher than 31.8% in 2022-23 for Q3, is indicating steady capacity expansion in the country and strengthening of the aggregate demand and more employment opportunities in the coming times.

India’s economic growth trajectory has exhibited encouraging trends, marked by a robust growth in the recent years.

In the aftermath of the global pandemic, and amidst the geopolitical headwinds, India’s GDP has consistently surpassed the 7% in all the post pandemic years, GDP growth rate of 9.1% in 2021–22, 7.2% in 2022–23 and 7.6% in 2023–24 (projected by NSO).

India will become USD 4 trillion economy by FY 2024-25, USD 5 trillion by FY 2026–27, a USD 7 trillion economy by 2030 and USD 30 trillion by 2047. We are all set to position ourselves as the 2nd largest in the Asia-Pacific region and the 3rd largest economy in the World by 2030 and “Viksit Bharat” by 2047.

Dr S P Sharma has around 25 years of diverse experience in the various areas of the economy,

trade and industry. Currently, he is working with the prestigious industry body, PHD Chamber of Commerce & Industry as Chief Economist and Deputy Secretary General. (Times of Oman)

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The Sri Lankan economy recorded an expansion in the third quarter of 2023, following six consecutive quarters of economic contraction, according to the Central Bank of Sri Lanka (CBSL).

Accordingly, the economy is estimated to have grown by 1.6 per cent, year-on-year, in the third quarter of 2023, as per the GDP estimates published by the Department of Census and Statistics (DCS). 

This was a broad-based expansion in economic activity supported by expansions recorded in Agriculture, Industry and Services sectors, on a year-on-year basis. 

The rebound in domestic economic activity is expected to be sustained, supported by the faster passthrough of relaxed monetary policy to broader market interest rates and the resultant firming of credit demand, improvements in business and investor sentiments, improvements in supply conditions and the gradual rebound expected in external demand conditions. 

The CBSL further stated that Gross official reserves (GOR) improved notably to US dollars 4.4 billion by the end of December 2023, which includes the swap facility from the People’s Bank of China (PBOC). 

This strong rebound of GOR was supported by the notable net purchases by the Central Bank from the domestic forex market and the proceeds from multilateral agencies. 

The Sri Lanka rupee, which appreciated by around 12 per cent against the US dollar in 2023, continued to show an appreciation so far in 2024.

Meanwhile, the merchandise trade deficit is estimated to have moderated during 2023 in comparison to 2022. 

This, coupled with the notable recovery in trade in services, mainly earnings from tourism, and the strong momentum of workers’ remittances, is expected to have resulted in a surplus in the current account balance of the balance of payments for 2023. 

The CBSL full report : https://shorturl.at/hkrsN (NewsWire)

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After Russia and Germany India is better than 7 economies among the top 10 leading economies.

The Debt-to-GDP ratio is a strong fundamental of any economy, serving as a key indicator of a country’s fiscal health and sustainability. This ratio compares a nation’s total debt to its Gross Domestic Product (GDP), providing valuable insights into the government’s ability to manage and service its debt obligations relative to the size of its economy.

In the realm of debt-to-GDP ratios among the top 10 economies, India demonstrates a commendable performance, as compared with leading economies such as Japan, Italy, USA, France, UK, Canada, and China.

India’s debt-to-GDP ratio was 72% (average) during the 2018 and 2019; however, it increased to 86% (average) during the corona pandemic years of 2020 and 2021. Then in the post pandemic years of 2022 and 2023, it again decelerated to 81 % (average), anticipated to rise marginally at 82% (average) in the forthcoming years of 2024 and 2025. This underscores India’s prudent fiscal management and positions India better in comparison to its global counterparts.

Japan stands out with the highest Debt-to-GDP ratio among the top 10 economies. In the pre-pandemic years of 2018 and 2019, the debt-to-GDP ratio was 234% (average), reflecting a substantial financial burden. The onset of the global pandemic in 2020 and 2021 witnessed a notable increase, at 256% (average), indicative of heightened economic challenges and increased borrowing to address the crisis. In 2022 and 2023, the Debt-to-GDP ratio in Japan continued its upward trajectory, reaching 257% (average). However, projections for 2024 and 2025 indicate a slight alleviation, with the Debt-to-GDP ratio anticipated to decrease to 251% (average).

Italy’s Debt-to-GDP Ratio is the second highest among the top 10 economies, in 2018 and 2019, it was 134% (average) but saw a significant surge, reaching 152% (average) during the pandemic years of 2020 and 2021. Subsequently, in the post-pandemic period of 2022 and 2023, it experienced a decline to 144% (average), indicating a recovery and fiscal management efforts. Anticipated further reduction in 2024 and 2025 to 143% (average) suggests a potential trend toward fiscal stabilization.

The USA holds the third-largest Debt-to-GDP Ratio among the top 10 economies. Averaging at 108% in 2020 and 2021, the ratio experienced a significant increase to 129% (average) during the pandemic years. Post-pandemic, in 2022 and 2023, there was a slight decline to 122% (average). However, projections indicate a potential increase to 129% on an average in 2024 and 2025, highlighting on-going fiscal challenges and the need for careful management in the coming years.

France’s Debt-to-GDP Ratio was 97% (average) in 2018 and 2019, but during the pandemic years of 2020 and 2021, it rose significantly to 114% (average). Post-pandemic, in 2022 and 2023, a marginal decline brought it to 110% (average). Projections suggest stabilization, with the ratio expected to remain constant at 110% on an average in 2024 and 2025.

The UK’s Debt-to-GDP Ratio averaged 85% in 2018 and 2019 before the corona pandemic years, but during the challenging years of 2020 and 2021, it experienced a significant increase to 105% (average). Subsequently, there was a slight decline in 2022 and 2023, with the Debt to GDP ratio at 103% (average). However, projections indicate a potential increase in 2024 and 2025, reaching 107% (average).

Canada’s Debt-to-GDP Ratio averaged 91% before the pandemic years of 2018 and 2019, but experienced a substantial increase to 117% on average during the pandemic years of 2020 and 2021. Thereafter, a decline occurred in 2022 and 2023 at 107% (average). Projections for 2024 and 2025 suggest a further decline to 102% (average), reflecting potential on-going efforts to manage and stabilize the country’s fiscal position.

China’s Debt-to-GDP Ratio has been on an ascending trajectory. In 2018 and 2019 the ratio was 58% (average), but during the pandemic years of 2020 and 2021, it witnessed a significant jump to 71% (average). Continuing this trend, the ratio further rose to 79% (average) in 2022 and 2023, signalling sustained fiscal challenges. Projections for 2024 and 2025 indicate a continued increase, reaching at 89% (average), creating significant challenges to manage the fiscal scenario in the coming years.

Germany’s Debt-to-GDP Ratio averaged 61% in 2018 and 2019, but underwent an increase to 69% on average during the years 2020 and 2021. Following this, a slight decline occurred in 2022 and 2023, with the ratio at 66% (average). Anticipated further decline in 2024 and 2025 to 63% (average) indicates on-going efforts to manage and mitigate the country’s debt burden, emphasizing a strategic approach to economic stability in the country.

Russia maintains the lowest Debt-to-GDP Ratio among the top 10 economies. In 2018 and 2019 it was 14% (average), the ratio experienced a modest increase to 18% (average) during the pandemic years of 2020 and 2021. Subsequently, there was a further rise to 20% (average) in 2022 and 2023. Projections for 2024 and 2025 indicate a slight increase to 22% (average), this will have challenges in the times of conflict with Ukraine.

India’s nearly constant debt-to-GDP ratio from 2018 to 2022, followed by an expected decrease from 2023 to 2025, suggests a period of stable fiscal management followed by a positive shift in the country’s financial outlook. It reflects efforts to balance economic growth with prudent debt management, contributing to overall economic stability and investors’ confidence. The efforts of the government are appreciable as there is a great balance between management of Debt to GDP Ratio along with calibrated measures to tackle high inflationary pressures and maintaining high growth trajectory of more than 7% at the same time. (Times of Oman)

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Indian economy is making longer strides than it ever made before. And the evidence of the glorious journey does not come from New Delhi but from the World Bank and India’s Asian rival China. Major global institutions have predicted economic growth of over 6 percent even as India enjoys the fast-rising foreign exchange. Indian economy is likely to remain resilient despite the global problems. [1]  

The world is heading to global recession, the World Bank has warned.[2] However, India is going to have the fastest growth rate among the world’s largest economies. “In India, growth is expected to edge up to 6.4 percent in 2024-25,” it said.[3] India’s proposed growth rate is impressive as compared to the world average of 2.4 percent and China’s deceleration to 4.4 percent.[4]

Even before the World Bank, the International Monetary Fund (IMF) had made upward revisions and raised the growth outlook for 2024 to 6.3 percent.[5] “India has potential for even higher growth, with greater contributions from labour and human capital,” it said.[6] The strong domestic demand, expanding fixed investment, growing public infrastructure spending, and strong private-sector credit growth are major factors responsible for India’s growth story.

IMF Assistant Director Nada Choueiri called India a “star performer” thanks to its economic strides. “What we have been observing for quite some time now is that India has been growing at a very robust rate. It’s one of the fastest growing large emerging markets and it’s contributing, in our current projections, more than 16 percent of global growth this year,” she said.[7] There has been a positive reaction to India’s economic future growth from all quarters.   

In what can be called the rarest of rare moments, China praised India’s economic march calling it a transformed, stronger, and more assertive country. In the state-run Global Times, Zhang Jiadong, who is director of the Center for South Asian Studies at Fudan University, wrote: “India has achieved outstanding results in economic development and social governance, and its great power strategy has moved from dream to reality.”[8]

Jiadong’s comments are significant since his comments appeared in the China Communist Party (CCP) controlled news media, and those could not be published without the regime’s approval. “With its rapid economic and social development, India has become more strategically confident and more proactive in creating and developing a “Bharat narrative”,” he added.

International media is abuzz with the Indian growth story. They are citing infrastructure building, positive stock markets, investments in the green sector, and space exploration activities as they are showering praise on India.[9] John Kemp, market analyst with news agency Reuters, said “For structural reasons, India is likely to remain the world’s fastest-growing economy throughout much of the next 10-20 years.”[10]

So are the analysts and international experts. Cornell University professor Eswar Prasad said “The Indian economy is undeniably poised for greatness, with a number of reforms undertaken in past years finally paving the way for solid growth.”[11] Switzerland-based UBS group said India would benefit from digitalisation adoption, increased services exports and a manufacturing push as it paints an optimistic picture for this decade. “We expect India to maintain medium-term growth of 6.5 per cent annually from FY26 through FY30 when it sees the GDP touching USD 6 trillion,” UBS India chief economist Tanvee Gupta-Jain.[12]      

India has set on to become the largest economy in Asia as the Chinese economy faces a slowdown, said JC de Swaan a lecturer in economics at Princeton University. “The baton of economic reform among the three largest Asian economies has passed on to India…India has an attractive runway with its young and growing population of 1.4 billion people, while China’s ageing population has started declining,” he said.[13]  India is expected to become the third largest economy by 2028 as it touches the USD 5 billion mark. But what is more important is that the country is going to sustain high growth in the medium term. India’s share of the global growth is going to increase to 18 percent in the near future.[14] Top economists with the United Nations, Goldman Sachs believe India has begun its journey to become an economic superpower. (Financial Post)

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Strong economic fundamentals with stable government will create a great dynamism in the markets. The increase in per capita income at 9.6%, from USD 2538 in 2023 to USD 2784, will create immense demand in the economy and enhanced supply by the factories and opportunities for new employment

India is embarking on a phase of self-sustained expansion, driven by dynamic reforms that have set in motion a virtuous cycle of growth and development. In the post-COVID era, India’s resilience is increasing each day. India is consistently growing at more than 7 percent in the post-pandemic years. During the initial two quarters of FY 2023-24, India experienced real GDP growth rates of 7.8 percent (Q2), and 7.6 percent (Q3) respectively with an average of 7.7% in H1 2023-24. Moreover, the Reserve Bank of India (RBI) has raised its growth projection for FY 2023-24 to 7 percent from the previously estimated 6.5 percent as economic fundamentals are becoming strong and strong and ease of doing business is improving in a significant way with ground touching reforms from Centre to State and  State to  districts, tehsil and village level.

The index of Purchasing Manufacturing (PMI) stayed consistently above 50 during most of the year reflecting strong industrial production and investment environment. During the period of April to November 2023–24, the cumulative index of eight core industries (ICI) has exhibited a growth rate of more than 12%  percent in comparison to the same period of the previous year. These eight sectors are vital pillars of the Indian economy, and thus, any growth witnessed in these sectors provides insights into the production performance of the core industries. India’s medium-term growth prospects appear promising, as suggested by high frequency indicators such as gross GST collections and CPI inflation. During the initial eight months of fiscal year 2024, gross GST collections have experienced a year-on-year growth of 12 percent, while the average CPI inflation level (5.4 percent) has remained below the upper tolerance limit of 6% set by the Reserve Bank of India (RBI) during the eight months April-November FY 2023-24

Economic Outlook for 2024

Source: Data compiled from IMF World Economic Outlook 2023.

The year 2024 is expected to be a year of fortunes for the Indian economy, paving the way for a period of growth and prosperity. India is estimated to become a USD 4 trillion economy in 2024 from USD 3.7 trillion in 2023. By capitalizing on the “Make in India” and the evolving global supply chains, investment in manufacturing will emerge as a pivotal factor in driving economic expansion. While economic performance of the major economies is diverging, India’s growth trajectory is anticipated to be stable and continue to reach new highs. The current estimation suggests that the Gross Domestic Product per capita income is set to increase from USD 2538 in 2023 to USD 2784 in 2024. This rise in per capita income at 9.6% reflects the positive trajectory of the Indian economy. An increase in per capita income leads to an improvement in consumers’ purchasing power, which in turn promotes a positive cycle of demand and supply with enhanced production possibility frontiers and new employment creation in the factories. 

Amidst the uncertainties surrounding the global geopolitical scenario, the overall outlook for total investment appears stable. It is expected that there will be an increase in total investment, moving from 31.7 percent in 2023 to 31.8 percent in 2024. In terms of inflation, the estimates suggest a positive scenario, with a projected deceleration from 5.4 percent (average) in 2023 to 4.5 percent (average) in 2024, despite the rising volatility in global landscape. The Indian economy has shown remarkable resilience in terms of exports too. Volume of exports of goods and services is expected to surge to 4.6 percent in 2024 from (-) 0.8 percent in 2023. India’s financial market has witnessed remarkable growth, surpassing ₹70,000 (SENSEX), due to the government’s proactive approach in implementing favorable reforms in the country during the last many years and this momentum is expected to continue in the 2024 too.

In conclusion, India will remain a bright spot in the global economy and driving the global growth trajectory. India’s economic landscape in 2024 is marked by a robust and resilient recovery, surpassing pre-pandemic levels and setting the stage for sustained growth not only in the next few years but in the next many decades. The proactive implementation of reforms, particularly in sectors such as agriculture, manufacturing, and exports, has propelled the nation to achieve significant milestones. India’s economy is projected to outpace other global economies, with the growth surpassing 7% continuously in the post pandemic years.  The country’s GDP is on track to reach USD 4 trillion, positioning India as a major player in the world and third largest economy in the next few years, GDP surpassing USD 7 trillion by 2030.

India’s government’s strategic measures have improved business efficiency, attracted global investments, and created a conducive environment for both domestic and international enterprises. With a thriving market scenario, increasing consumer spending, and a focus on sustainability, India’s economic trajectory is significantly optimistic, with projections of continued growth outpacing other global economies in the world economic system. (Financial Post)

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The Federation of Information Technology Sri Lanka (FITIS), has projected a substantial boost of 15 billion US dollars to Sri Lanka’s gross domestic product (GDP) through the expansion of the digital economy, by the year 2030.

Presently, the digital economy contributes 3.7 billion US dollars to the GDP.

The Chairman of FITIS, Mr. Indika De Soysa, announced the prediction during a press conference at the Presidential Media Centre (PMC) yesterday (Sep 20).

According to the President’s Media Division (PMD), during the press briefing Mr. De Soyza discussed the “DIGIECON Sri Lanka 2030” program, aligning with President Ranil Wickremesinghe’s vision.

The upcoming 41st National Information Technology Conference, themed ‘Towards a Sustainable Digital Society,’ is scheduled to take place from October 11 to 13 at the Shangri La Hotel in Colombo. Organised by the Sri Lanka Computer Association, this event aims to leverage technology for accelerating Sri Lanka’s economic growth through the DIGIECON 2030 program, aligning with the government’s vision of “Towards a Sustainable Digital Society” under the guidance of State Minister of Technology, Kanaka Herath.

Mr. De Soysa emphasised the global trend of developed countries contributing approximately 40% of their GDP from the digital economy, while Sri Lanka currently stands at 5%. The goal is to elevate this contribution to 20% and increase the current 3.7 billion US dollars in GDP to 15 billion US dollars by 2030.

Additionally, a comprehensive set of guidelines for the next seven years is being developed in collaboration with the DIGIECON 2030 government program to enhance technological knowledge among Sri Lankans.

Furthermore, the conference will introduce a digital economy master plan and regulatory policy framework by 2030, aiming to accelerate the country’s digital economy. The event will feature over thirty expert speakers, both local and international, addressing key areas such as financial technology, education technology, tourism technology, information security, agricultural technology and electronic health services.

Notably, the conference will include a digital investment component, seeking to attract potential investors for established IT companies in Sri Lanka and achieve a target of 3 billion US dollars in IT exports. The support extended by the Sri Lanka Information and Communication Technology Agency for this endeavour is acknowledged.

The conference enjoys the patronage of President Ranil Wickremesinghe and is supported by the State Minister of Technology, Kanaka Herath, the Ministry of Technology and the Information and Communication Technology Agency of Sri Lanka.

Key figures in attendance included Sri Lanka Computer Association President Dr. Ajantha Athukorala, National Information Technology Conference Co-Chairman Dr. Nirosha Vedasinghe, Sri Lanka Computer Association Secretary Heshan Karunaratne, DIGIECON 2023-2030 Project Director Prasad Samarawickrama and Sri Lanka Computer Association Member Dr. Amal Ilesingha, among others. (NewsWire)

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Economists sharply cut Sri Lanka’s growth outlook for the rest of the year as curbs on imports and still-limited reserves persist, even as the International Monetary Fund (IMF) releases bailout loans and the authorities work towards debt-restructuring efforts, the latest Bloomberg survey of economists showed.

According to Bloomberg News, the economic contraction is predicted to more than double from 4.4 per cent to 9.9 per cent in the first quarter. Growth is likely to bounce back from the second quarter, though at a slower pace of 1 per cent from an estimated 2.9 per cent previously.

For the full year, Sri Lanka’s gross domestic product estimate was revised to 0.7 per cent from 2.7 per cent, the survey showed.

Last year, the South Asian nation grappled with its worst economic crisis since independence as US dollar shortages and shrinking reserves, together with an infamous organic fertiliser policy, led to crop failures and severe shortages of food and fuel. People took to the streets to protest, eventually forcing a change in leadership as the economy nearly came to a halt and inflation surged.

While there are signs of stability with food and fuel imports coming in and the IMF approving a US$3 billion loan, some economists say the current economic situation is nowhere close to pre-pandemic normalcy.

“Conditions are still weak, but are tilted to the upside,” said Andrew Vogel, an economist at S&P Global.

He added that Sri Lanka has very few usable foreign reserves and significant restrictions on imports. Moreover, a still-ongoing moratorium on external debt payments pending restructuring agreements is keeping conditions uncertain.

The island nation’s double-digit inflation, which is Asia’s fastest, is expected to persist this year, the Bloomberg survey showed. Economists foresaw consumer prices surging to around 28.8 per cent in the second quarter and averaging around 25 per cent for the year.

They also forecast a cumulative 100-basis-point hike in the benchmark rates in the second quarter. They expected this to hold at least until the end of the third quarter before the easing cycle begins.

The Central Bank of Sri Lanka has kept its key rate at the highest level since August 2001 to support growth, despite price gains remaining stubbornly high at 50.3 per cent in March. The monetary authority predicts that headline inflation will slow to single-digit levels by end-2023. (NewsWire)

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The year-on-year Gross Domestic Product (GDP) growth rate for the year 2022 has been reported as a 7.8 per cent of negative growth rate, the Department of Census and Statistics reported.

The Department of Census and Statistics (DCS) Sri Lanka, has released the estimated GDP at the current price and at constant (2015) price in the Production approach and the other macroeconomic indicators for the fourth quarter from October 1st to December 31st of 2022 and for the year from January 1st to December 31st of 2022. 

According to the report, the GDP for the year 2022 at the constant price (2015) has declined to Rs. 12,017,849 million from Rs. 13,037,934 million recorded in the year 2021. 

The year-on-year GDP growth rate for the year 2022 has been reported as a 7.8 per cent of negative growth rate. 

The overall Agriculture, Industry and Services activities declined by 4.6 per cent, 16.0 per cent and 2.0 per cent respectively, in the year 2022. 

The GDP for Sri Lanka for the fourth quarter of the year 2022 at the constant price (2015) has declined to Rs. 2,917,721 million from Rs. 3,331,073 million recorded in the year 2021, registering a negative growth rate of 12.4 per cent. 

Full report: http://www.statistics.gov.lk/NationalAccounts/StaticalInformation/Reports/press_note_2022q4_en (NewsWire)

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