The economy of Ghana advanced 4.9% yoy in the Q1 of 2020, decelerating from a 7.9% growth in the previous period. That was the slowest expansion since Q2 2016, amid some impact from Covid-19 pandemic despite lockdown rules were imposed in late March. Growth slowed primarily in the industrial sector (1.5% vs 5.4% in Q4), as a sharp contraction in construction (-6.9%) offset rises in electricity supply (17.1%); water supply (10.2%) and manufacturing (5%). Also, agricultural activity grew less (2.8% vs 6.8%), hampered by forestry & logging (-7.1%) and crop production (2.4%). Meanwhile, services advanced solidly overall (9.5% vs 11%), mainly boosted by information & communication (77.4%); real estate activities (16%). and public administration (13.6%). On a quarterly basis, the GDP rose 1.2%, the least since Q2 2016, slower than 1.9% in Q4. The central bank recently cut its 2020 growth forecast to between 2-2.5% from an earlier estimate of 6.8% due to the coronavirus pandemic.
GDP Annual Growth Rate in Ghana averaged 6.64 percent from 2000 until 2020, 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. 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 - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Ghana Statistical Service
GDP Annual Growth Rate in Ghana is expected to be 1.30 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 2.40 in 12 months time. In the long-term, the Ghana GDP Annual Growth Rate is projected to trend around 5.40 percent in 2021 and 6.00 percent in 2022, according to our econometric models.