Sri Lanka’s economy contracts by 1.6 % in 1Q2020

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Sri Lanka has recorded 1.6 per cent of negative economic growth rate for the first quarter of 2020 compared to the 3.7 per cent of positive growth in the same 2019 quarter.
The reversal was largely due to the spill over impact of the 2019 Easter Sunday attacks as well as the COVID-19 crisis, the Department of Census and Statistics (DCS) said, releasing the data on Tuesday.
It said that while normally first quarter data is released on June 19, this time the DCS faced many difficulties and challenges in gathering data and information during the months of May and June from government, semi-government and private sector institutions in the country.
“In addition the data availability of many institutions and the quality of the data, were not at satisfactory level due the operational impediments at ground level due to the restrictions imposed by the government and the regulations provided by the Ministry of Health regarding the spread of COVID-19 such as limiting number of staff for normal work,” it said
The DCS said that the growth estimates in the first quarter reflect the continuing negative effects of the Easter attack in April 2019 getting compounded by the deep impacts of the onset of the COVID-19 pandemic.

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