Sri Lanka’s economy grew by 5.0% in 2024 despite concerns that elections could further strain the crisis-hit nation, official data showed on Tuesday.

The Department of Census and Statistics announced that the country’s Gross Domestic Product (GDP) expanded by 5.0% for the year. Sri Lanka held two crucial elections in September and November 2024, which led to the country’s first left-leaning president and government.

The economy had contracted in both 2022 and 2023 amid its worst financial crisis in decades, triggered by a foreign exchange shortage that resulted in a sovereign default.

“After two consecutive years of GDP decline, Sri Lanka’s economy recorded positive growth in 2024, paving the way for further optimism,” the department stated.