Ghana GDP Annual Growth Weakens to 6.8% in Q4


Ghana's economy advanced 6.8 percent year-on-year in the fourth quarter of 2018, slowing from a 7.4 percent expansion in the previous period, mainly hit by a sharp decline in the oil and gas sector. Considering the full year of 2018, the GDP grew 6.3 percent compared to 8.1 percent in 2017.

The industrial sector grew 8.9 percent, slower than a 11.7 percent expansion in Q3, hampered by sharp declines in oil & gas (-7.2 percent vs -4.4 percent) and water supply (-7.3 percent vs -4.9 percent) and a slowdown in manufacturing (1.9 percent vs 6.5 percent). Meanwhile, faster growth was recorded in construction (2.5 percent vs 0.9 percent) and electricity supply (6.3 percent vs 5.6 percent). Mining activity remained solid overall (20 percent vs 23.9 percent).

Agriculture expanded 4.4 percent, lower than a 5.5 percent rise in the previous quarter, as production rose less for crops & cocoa (6.5 percent vs 6.8 percent) and livestock (5.0 percent vs 5.7 percent). In addition, output shrank in forestry & logging (-1.1 percent vs 0.3 percent) and fishing (-19.1 percent vs -0.8 percent). Cocoa output grew 3.7 percent, the same pace as in the previous period.

Services advanced 5.8 percent, quickening from a 3.5 percent growth in the third quarter, driven by gains in information & communication (12.3 percent vs 9.9 percent); trade, repair of vehicle and household goods (8.6 percent vs 2.9 percent); public administration, defense & social security (7.3 percent vs 2.0 percent); finance & insurance (2.1 percent vs -8.8 percent) and other personal services activities (4.4 percent vs 2.2 percent). On the other hand, growth eased in transport & storage (3.2 percent vs 4.3 percent); hotels & restaurants (1.1 percent vs 5.4 percent); professional, administrative & support service activities (5.6 percent vs 7.2 percent); education (4.0 percent vs 5.7 percent) and health & social work (12.5 percent vs 28.4 percent).

On a quarterly basis, the GDP advanced 1.7 percent, after expanding 1.8 percent in the previous quarter.

Ghana GDP Annual Growth Weakens to 6.8% in Q4


Ghana Statistical Service | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
4/18/2019 11:05:21 AM