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Economy shows signs of recovery; CBSL optimistic
The country’s economy has contracted at the rate of 3.1% in the second quarter of 2023, according to recent data by the Census and Statistics Department. The Department in its estimated Gross Domestic Product (GDP) for the second quarter of 2023, on Friday said that this economic downturn marked an improvement from the alarming 11.5% contraction experienced in the first three months of 2023, indicating a gradual recovery.
The year-on-year GDP growth rate for Q2 2023 registered a negative 3.1%. During the same period, the overall industry and services sectors saw declines of 11.5% and 0.8%, respectively, while agriculture activities grew by 3.6%. The country’s three primary economic sectors, ‘Agriculture,’ ‘Industry,’ and ‘Services,’ contributed 10.4%, 27.0%, and 56.8% to the GDP at current prices, with the ‘Taxes less subsidies on products’ component contributing 5.8% in the same period.
Comparing Q2 2023 to the second quarter of 2022, Sri Lanka’s GDP at constant price (2015) decreased from Rs. 2,680,074 million to Rs. 2,597,441 million. Conversely, the GDP at current prices for the same quarters increased from Rs. 5,442,362 million to Rs. 6,145,451 million, showing a notable 12.9% positive change in the current price GDP.
The Central Bank of Sri Lanka (CBSL) on Thursday in its annual report said that Sri Lanka’s economic challenges were expected to persist into 2023, and projected a 2% contraction for the year. However, the bank expressed optimism, forecasting a 3.3% growth rate for 2024. This cautious outlook follows a tumultuous 2022 when the economy contracted by 7.8%, marked by political instability, surging inflation, and significant currency devaluation due to dwindling foreign exchange reserves.
It has been reported that a Sri Lanka Air Force Bell 212 Helicopter has crashed into the Maduru Oya Reservoir this morning.
Latest News
Heat index is likely to increase up to ‘Caution level’ at some places in Northern, North-central and Eastern provinces and Monaragala and Hambantota districts
Warm Weather Advisory
Issued by the Natural Hazards Early Warning Centre of the Department of Meteorology at 4.00 p.m. 08 May 2025, valid for 09 May 2025
The public are warned that the Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in Northern, North-central and Eastern provinces and Monaragala and Hambantota districts.
The Heat Index Forecast is calculated by using relative humidity and maximum temperature and this is the condition that is felt on your body. This is not the forecast of maximum temperature. It is generated by the Department of Meteorology for the next day period and prepared by using global numerical weather prediction model data.
Effect of the heat index on human body is mentioned in the above table and it is prepared on the advice of the Ministry of Health and Indigenous Medical Services.
ACTION REQUIRED
Job sites: Stay hydrated and takes breaks in the shade as often as possible.
Indoors: Check up on the elderly and the sick.
Vehicles: Never leave children unattended.
Outdoors: Limit strenuous outdoor activities, find shade and stay hydrated.
Dress: Wear lightweight and white or light-colored clothing.
Note:
In addition, please refer to advisories issued by the Disaster Preparedness & Response Division, Ministry of Health in this regard as well. For further clarifications please contact 011-7446491.
News
EC asks winners to name heads of majority-controlled LG institutions; bargaining continues in hung councils
Chairman of the Election (EC) Commission R. M. A. L. Ratnayake said yesterday that the EC would direct the political parties and independent groups that have secured absolute majorities in local government bodies to name the heads of those institutions.
The ruling NPP and the Opposition parties are vying for control of the hung local councils including the Colombo MC. Both the NPP and the SJB have offered to coalesce with independent groups to muster majorities.
Ratnayake said that notifications would be sent to the General Secretaries of parties and independent groups that have won local government bodies with a majority of more than 50% of the vote.
The results of the 2025 Local Government election held on Tuesday (6) were released on Wednesday (7).
The NPP won 266 out of 339 local government institutions. The SJB and the Ilankai Tamil Arasu Kachchi won 13 and 37 councils respectively. Independent groups and regional Tamil political parties won the other councils.
However, the winners have failed to secure more than 50% of seats in a majority of the local government institutions.Ratnayake said that the members elected to local government institutions at the ward level would be officially gazetted in the coming days.
The heads of the non-majority councils will be elected by their members. The government and the Opposition are accusing each other of using financial inducements to make some councilors switch their allegiance ahead of the election of the heads of the hung local councils.
The NPP has said it is confident of forming stable administrations in 134 local councils, but the Opposition is of the view that the NPP will not be able to do so in about 186 councils.
PSL moved to UAE amid India-Pakistan tensions
Bell 212 helicopter crashes into Maduru Oya reservoir
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