Ghana GDP Annual Growth Rate

Ghana’s economy expanded 5.4 percent year-on-year in the second quarter of 2018, the same pace as in the previous period. It remained the weakest growth rate since the third quarter of 2016, mostly due to a slowdown in the services sector. On a quarterly basis, the gross domestic product grew 1.3 percent. The country rebased its nationals accounts from 2006 prices to 2013. GDP Annual Growth Rate in Ghana averaged 6.66 percent from 2000 until 2018, reaching an all time high of 25 percent in the first quarter of 2012 and a record low of -1.60 percent in the third quarter of 2015.

GDP Annual Growth Rate in Ghana is expected to be 6.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Ghana to stand at 6.40 in 12 months time. In the long-term, the Ghana GDP Annual Growth Rate is projected to trend around 5.60 percent in 2020, according to our econometric models.

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Calendar	GMT		Actual	Previous	TEForecast
2017-12-20	11:35 AM	GDP Growth Rate YoY	9.3%	9%	7.9%
2018-04-11	12:00 PM	GDP Growth Rate YoY	8.1%	9.7%	7.9%
2018-06-27	11:00 AM	GDP Growth Rate YoY	6.8%	8.1%	7.8%
2018-10-17	03:15 PM	GDP Growth Rate YoY	5.4%	5.4%	6.5%
2018-12-19	11:00 AM	GDP Growth Rate YoY		5.4%	5.5%
2019-04-11	12:00 PM	GDP Growth Rate YoY			6.80%
2019-06-27	11:00 AM	GDP Growth Rate YoY			7%

Ghana Economy Grows 5.4% YoY in Q2

Ghana’s economy expanded 5.4 percent year-on-year in the second quarter of 2018, the same pace as in the previous period. It remained the weakest growth rate since the third quarter of 2016, mostly due to a slowdown in the services sector. On a quarterly basis, the gross domestic product grew 1.3 percent. The country rebased its nationals accounts from 2006 prices to 2013.

The services sector grew 0.5 percent, slowing from a 1.4 percent expansion in the first quarter of the year, mainly due to a contraction in trade, repair of vehicle and household goods (-1.5 percent compared to 1.8 percent); finance and insurance (-13.4 percent compared to -11.6 percent); professional, admnistrative and support (-5.9 percent compared to -5.7 percent) and transport and storage (-1.1 percent compared to -1.0 percent). Also, growth eased in information and communication (14.6 percent compared to 16.3 percent and education (2.0 percent compared to 4.0 percent). Meanwhile, output increased further in health and social work (26.8 percent compared to 24.8 percent); hotel and restaurants (4.3 percent compared to 2.0 percent) and public administracion and defence and social security (4.2 percent compared to 4.1 percent). Additonally, output rebounded in other personal service and activities (6.7 percent compared to -0.7 percent) and fell less in real estate (-0.8 percent compared to -2.7 percent).

The industrial sector advanced 11.1 percent, higher than a 10.4 percent expansion, driven by mining and quarrying (24.7 percent compared to 24.6 percent); electricity (9.0 percent compared to 1.0 percent) and construction (2.0 percent compared to -0.8 percent). On the other hand, output growth slowed for manufacturing (2.7 percent compared to 5.4 percent); oil and gas (12.1 percent compared to 23.7 percent) and dropped for water and sewerage (-3.5 percent compared to 1.6 percent).

Agriculture rose 4.8 percent, after a 4.7 percent gain in the prior quarter, boosted by livestock (5.6 percent compared to 5.4 percent) and fishing (2.7 percent compared to -9.2 percent). In contrast, output increased at a softer pace for crops and cocoa (4.8 percent compared to 5.1 percent) and forestry and logging (4.0 percent compared to 6.3 percent).

On a quarterly basis, the GDP advanced 1.3 percent, unchanged from the previous quarter.

Ghana Statistical Service | Stefanie Moya | stefanie.moya@tradingeconomics.com
10/17/2018 3:58:37 PM

Recent Releases

Ghana GDP Growth Slows to 1-Year Low in Q1
Ghana’s economy grew 6.8 percent year-on-year in the first quarter of 2018, easing from a 8.1 percent gain in the previous period. It was the weakest expansion since the first quarter of 2017, as the industrial sector and agriculture slowed. On a quarterly basis, the gross domestic product expanded 1.5 percent, slowing from a 2.1 percent growth in the prior period.
Published on 2018-06-27

Ghana GDP Growth Eases to 8.1% in Q4
Ghana's economy expanded by 8.1 percent year-on-year in the fourth quarter of 2017, following an upwardly revised 9.7 percent growth in the previous three-month period. Considering 2017 full year, the economy grew by 8.5 percent, the fastest rate in five years, mainly boosted by oil and gas production.
Published on 2018-04-13

Ghana GDP Growth Expands the Most Since 2014
Ghana´s economy advanced 9.3 percent year-on-year in the third quarter of 2017, above a 9.0 percent rise in the previous period. It is the highest growth rate since the third quarter of 2014, mainly boosted by a 72.2 percent jump in the oil and gas sector. On a quarterly basis, the economy expanded 2.5 percent.
Published on 2017-12-21

Ghana GDP Growth at Near 3-Year High of 9%
Ghana´s economy advanced 9 percent year-on-year in the second quarter of 2017, above a 6.6 percent rise in the previous period. It is the highest growth rate since the third quarter of 2014, mainly boosted by a 188 percent jump in the oil and gas sector. On a quarterly basis, the economy expanded 2 percent.
Published on 2017-09-27

Ghana GDP	Last	Previous	Highest	Lowest	Unit
GDP Growth Rate	1.30	1.30	7.40	-2.20	percent	[+]
GDP Annual Growth Rate	5.40	5.40	25.00	-1.60	percent	[+]
GDP	47.33	42.80	47.81	1.22	USD Billion	[+]
GDP Constant Prices	37332.86	36848.96	130410.40	4269.40	GHS Million	[+]
Gross Fixed Capital Formation	33744.92	34380.55	34380.55	3562.21	GHS Million	[+]
GDP per capita	1813.80	1708.80	1813.80	701.50	USD	[+]
GDP per capita PPP	4227.60	3982.80	4227.60	1919.60	USD	[+]
GDP From Agriculture	6267.93	7676.15	8353.76	5322.00	GHS Million	[+]
GDP From Construction	3264.24	3334.65	3556.97	1016.30	GHS Million	[+]
GDP From Manufacturing	4490.79	4610.34	4610.34	1801.31	GHS Million	[+]
GDP From Mining	6357.49	5748.72	6357.49	497.40	GHS Million	[+]
GDP From Public Administration	1259.98	1168.96	1397.19	862.14	GHS Million	[+]
GDP From Services	14673.13	14214.37	14673.13	8690.40	GHS Million	[+]
GDP From Transport	2198.14	2355.18	3653.00	1471.80	GHS Million	[+]
GDP From Utilities	184.57	187.77	273.00	148.34	GHS Million	[+]

Services is the largest sector of the Ghanaian economy, accounting for 52 percent of the GDP. Within services, the most important sub-sectors are: transport and storage (10 percent); information and communication (9.8 percent); trade, repair of vehicles and household goods (7 percent) and financial and insurance activities; education and public administration & defense and social security (4 percent each). Also, industry accounts for 26 percent of the GDP with mining and quarrying (10 percent); construction (8 percent) and manufacturing (7 percent). Agriculture accounts for 22 percent, mainly crops (17 percent). On the expenditure side, household consumption is the main component of the GDP and accounts for 81 percent of its total use, followed by gross fixed capital formation (11 percent); government expenditure (10 percent) and changes in stocks (2 percent). Exports of goods and services account for 48 percent of GDP while imports for 52 percent, subtracting 4 percent of total GDP. This page provides the latest reported value for - Ghana GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Ghana GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on December of 2018.

	Actual	Previous	Highest	Lowest	Dates	Unit	Frequency
	5.40	5.40	25.00	-1.60	2000 - 2018	percent	Quarterly	Constant Prices 2013, NSA

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Country	Last		Previous	Range
India	7.10	Sep/18	8.2	11.4 : -5.2	%
China	6.50	Sep/18	6.7	15.4 : 3.8	%
Indonesia	5.17	Sep/18	5.27	7.16 : 1.56	%
United States	3.00	Sep/18	2.9	13.4 : -3.9	%
Australia	2.80	Sep/18	3.1	9 : -3.4	%
Mexico	2.50	Sep/18	2.6	9 : -9.1	%
Spain	2.50	Sep/18	2.5	5.6 : -4.3	%
Netherlands	2.40	Sep/18	3.1	6.1 : -4.6	%
Switzerland	2.40	Sep/18	3.5	5.8 : -3.7	%
Singapore	2.20	Sep/18	4.1	19 : -8.8	%
South Korea	2.00	Sep/18	2.8	20.8 : -7.3	%
Canada	1.90	Jun/18	2.3	9.3 : -4.1	%
Saudi Arabia	1.61	Jun/18	1.15	24.2 : -20.7	%
Euro Area	1.60	Sep/18	2.2	5 : -5.5	%
Turkey	1.60	Sep/18	5.3	11.7 : -14.4	%
United Kingdom	1.50	Sep/18	1.2	9.7 : -6.1	%
France	1.40	Sep/18	1.6	12.6 : -3.8	%
Brazil	1.30	Sep/18	0.9	10.1 : -5.5	%
Russia	1.30	Sep/18	1.9	12.1 : -11.2	%
Germany	1.10	Sep/18	2	7.2 : -6.8	%
South Africa	1.10	Sep/18	0.4	7.1 : -2.6	%
Italy	0.70	Sep/18	1.2	10.3 : -7.2	%
Japan	0.00	Sep/18	1.4	9.4 : -8.8	%
Argentina	-4.20	Jun/18	3.9	16.2 : -16.3	%