Sri Lanka’s GDP grows 4.7% in second quarter of 2024

Last Updated on September 15, 2024 9:39 am

Sri Lanka has recorded a 4.7% growth in gross domestic product (GDP) in the second quarter of 2024, marking the fourth consecutive positive growth following six quarters of contraction since 2022, according to the State Minister of Finance.

“This recovery reflects the effectiveness of ongoing reforms,” State Minister Shehan Semasinghe said in a post on ‘X’ (formerly Twitter).

He stated that the growth rate is expected to remain strong, with forecasts suggesting a 4% – 4.5% increase by the end of the year, significantly exceeding the International Monetary Fund’s initial target of 2%.

“This positive trajectory highlights the success of the government’s efforts in stabilizing the economy and promoting sustainable development,” Semasinghe said.