Sri Lanka’s economic performance in 2023 showed a continued recovery, with the Western province leading the provincial GDP contribution, albeit slipping slightly from 2022 levels. The Western province accounted for 43.7% of the total GDP for 2023, down from previous years, while the North Western and Central provinces followed with contributions of 10.9% and 10.3%, respectively, compared to 11.1% and 10.0% in 2022.
Despite facing significant challenges, including a severe economic crisis in 2022, Sri Lanka’s economy grew by 5.5% in the third quarter of 2023, an acceleration from 4.7% in the second quarter. This growth was driven by expansions across all three major economic sectors:
- Agriculture: 3.0% growth
- Industry: 10.8% growth
- Services: 2.6% growth
In terms of sector-specific contributions, the Western province played a dominant role:
- Services sector: 45.9% contribution from the Western province, reflecting its central role in finance, logistics, and other support services.
- Industrial sector: 48.7% contribution from the Western province, bolstered by its infrastructure and proximity to ports.
- Agriculture sector: The North Western province led with a 19.6% share, followed by the Southern and Central provinces, contributing 13.5% and 12.4%, respectively.
Overall, despite the economy contracting by 2.3% in 2023 (a significant improvement over the 7.3% contraction in 2022), the provincial GDP data highlights the continued importance of the Western, North Western, and Central provinces in driving Sri Lanka’s economic output.
Source – dailymirror.lk
