Lanka economic confidence still negative: Survey

COLOMBO: Sri Lanka’s economic confidence was around the same levels in February 2023 as in October 2022, while government approval was also unchanged at a 10 percent, level, a survey has found.

A “Mood of the Nation” poll was conducted in early February 2023 by Verite Research, a Colombo-based think tank among a sample of 1,000 respondents found that economic confidence was a negative -78, the same as October 2022, when it recovered from June low.

In February 2023 0.3 percent had rated the economic conditions as excellent, 6.0 percent rate it as good; and 6.3 percent had rated it as getting better.

To the question, “Do you approve or disapprove of the way the current government is working?” only 10 percent said they approve (with an error margin of ± 2.04 percent), Verete said.

It was the same as in October 2022, but up from 3 percent in June 2022.

To the question, “In general, are you satisfied or dissatisfied with the way things are going in Sri Lanka?” 4 percent had said they were satisfied (with an error margin of ± 1.50%). This rating was down from 7 percent in October 2022 and up from 2 percent in June 2022.

Sri Lanka’s external sector had stabilized by February 2023, with some prices falling absolutly, but taxes have been raised and utility prices are up. Manufacturing and retail is also under pressure.