Ghana Economy Expands 4.1% YoY In Q4

The GDP in Ghana advanced 4.1 percent year-on-year in the fourth quarter of 2016, following a downwardly revised 3.9 percent expansion in the previous quarter. The main drivers of growth were services and industry. A year earlier, GDP growth was lower at 3.9 percent.

The services sector advanced 6.3 percent (from 4.5 percent in Q3), boosted by trade (3.8 percent from 2.4 percent in Q3); hotels and restaurants (2.7 percent from -3.5 percent in Q3); transport and storage (2.7 percent from 0.6 percent in Q3); finance and insurance (3.4 percent, the same as in Q3); real estate, professional, administrative and others (9.3 percent from 1.4 percent in Q3) and public administration (5.3 percent from 0.6 percent in Q3).

The industry sector rose 3 percent, following a 0.9 percent increase in Q3. Output advanced for mining and quarrying (8.9 percent from 1.6 percent in Q3), electricity (7.2 percent from 3.9 percent in Q3) and rebounded for water and sewerage (2.6 percent from -9.2 percent in Q3).In contrast, output contracted further for manufacturing (-1.1 percent from -0.3 percent in Q3).

Agriculture increased at a slower 1.9 percent (from 2.8 percent in Q3).

On a quarterly basis, the economy grew 1.1 percent, at the same pace as in the previous quarter. Considering full 2016, the GDP advanced 3.5 percent, below 3.9 percent in 2015 on lower oil and gas production due to shutdowns. The government expects growth to reach 6.3 percent in 2017.

Ghana Economy Expands 4.1% YoY In Q4

Ghana Statistical Service | Luisa Carvalho |
5/2/2017 5:48:07 PM