Ghana GDP Grows The Most Since Q3 2014

The Ghana's economy advanced 6.6 percent year-on-year in the first three months of 2017, following a 4.1 percent expansion in the previous period. It is the highest growth rate since the third quarter of 2014 as manufacturing recovered; oil and gas output jumped and agriculture rose the most in nearly three years while the services sector slowed. A year earlier, the GDP growth was lower at 4.4 percent. The government expects the economy to advance 6.3 percent in 2017.

The industry sector rose 11.5 percent, following a 3 percent increase in Q4. Output rebounded for manufacturing (5.9 percent vs -1.1 percent in Q4) and jumped for mining and quarrying (32.8 percent vs 8.9 percent in Q4), namely led by oil and gas (58.9 percent). Meanwhile, growth slowed for electricity (2.9 percent vs 7.2 percent in Q4) and water and sewerage (0.9 percent vs 2.6 percent in Q4).

Agriculture surged 7.6 percent, compared to a 1.9 percent rise in Q4. 

The services sector increased 3.7 percent (from 6.3 percent in Q4), as output went up at a softer pace for: finance and insurance (2 percent vs 3.4 percent in Q4); real estate, professional, administrative and others (1.6 percent vs 9.3 percent in Q4); information and communication (12 percent vs 19.2 percent in Q4) and declined for hotels and restaurants (-2 percent vs 2.7 percent in Q4) and public administration (-6.5 percent vs 5.3 percent in Q4). In contrast, both trade (6.4 percent vs 3.8 percent in Q4) and transport and storage (3.5 percent vs 2.7 percent in Q4) expanded faster.

On a quarterly basis, the GDP grew 1.5 percent, accelerating from 1.1 percent in the previous quarter. 

Ghana GDP Grows The Most Since Q3 2014

Ghana Statistical Service | Luisa Carvalho |
6/28/2017 4:39:14 PM