The economy of Ghana advanced 6.7 percent year-on-year in the first quarter of 2019, following a 6.8 percent growth in the previous period, mainly boosted by services and the industrial sector. On a quarterly basis, the GDP grew 1.6 percent compared to 1.7 percent in the fourth quarter of 2018. GDP Annual Growth Rate in Ghana averaged 6.68 percent from 2000 until 2019, 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 7.00 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 8.00 in 12 months time. In the long-term, the Ghana GDP Annual Growth Rate is projected to trend around 5.80 percent in 2020, according to our econometric models.

Ghana GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-10-17 03:15 PM GDP Growth Rate YoY Q2 5.4% 5.4% 6.5%
2018-12-20 11:00 AM GDP Growth Rate YoY Q3 7.4% 5.4% 5.5%
2019-04-17 10:40 AM GDP Growth Rate YoY Q4 6.8% 7.4% 6.7%
2019-06-19 11:05 AM GDP Growth Rate YoY Q1 6.7% 6.8% 7%
2019-09-18 03:15 PM GDP Growth Rate YoY Q2 6.7% 7.0%
2019-12-18 11:00 AM GDP Growth Rate YoY Q3 7.3%
2020-04-22 10:30 AM GDP Growth Rate YoY Q4 8.2%



Ghana GDP Annual Growth Rate at 6.7% in Q1

The economy of Ghana advanced 6.7 percent year-on-year in the first quarter of 2019, following a 6.8 percent growth in the previous period, mainly boosted by services and the industrial sector.

The services sector expanded 7.2 percent, faster than 5.8 percent in the fourth quarter of 2018, mainly supported by information & communication (37 percent vs 12.3 percent in Q4); health & social work (22.1 percent vs 12.5 percent); real estate (9.1 percent vs -3.1 percent); hotels & restaurants (8.6 percent vs 1.1 percent); education (8.5 percent vs 4 percent) and professional, administrative & support service activities (6.8 percent vs 5.6 percent). Meanwhile, softer rises were seen in trade, repair of vehicle and household goods (2.9 percent vs 8.6 percent); transport & storage (3.1 percent vs 3.2 percent); public administration, defense & social security (3.2 percent vs 7.3 percent) and other personal services activities (2.5 percent vs 4.4 percent). At the same time, finance & insurance grew at the same pace (at 2.1 percent).

The industrial sector performed solidly overall, advancing 8.4 percent, after a 8.9 percent rise in the previous period. Main positive contributions came from mining & quarrying (20.9 percent vs 20 percent); oil & gas (14.6 percent vs -7.2 percent); manufacturing (5.6 percent vs 1.9 percent) and electricity supply (11.1 percent vs 6.3 percent). In contrast, sharp contractions were posted in construction (-8.7 percent vs 2.5 percent) and water supply, sewerage, waste management and remediation activities (-6.4 percent vs -7.3 percent).

Agriculture grew 2.2 percent, much slower than 4.4 percent in the prior quarter, as output rose less for crops & cocoa (2.4 percent vs 6.5 percent) and it shrank for forestry & logging (-5.8 percent vs -1.1 percent) and fishing (-1.5 percent vs -19.1 percent). On the other hand, production advanced at a faster pace for cocoa (5.6 percent vs 3.7 percent) and livestock (5.5 percent vs 5.0 percent).

On a quarterly basis, the GDP advanced 1.6 percent compared to 1.7 percent in the previous quarter.


Ghana Statistical Service | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
6/20/2019 2:43:36 PM



Ghana GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.60 1.70 7.40 -2.20 percent [+]
GDP Annual Growth Rate 6.70 6.80 25.00 -1.60 percent [+]
GDP 65.56 59.00 65.56 1.22 USD Billion [+]
GDP Constant Prices 39268.40 38636.90 130410.40 4269.40 GHS Million [+]
Gross Fixed Capital Formation 42612.66 33744.92 42612.66 3562.21 GHS Million [+]
GDP per capita 1807.10 1738.30 1807.10 693.50 USD [+]
GDP per capita PPP 4211.85 4051.46 4211.85 1900.76 USD [+]
GDP From Agriculture 7845.50 8723.60 8723.60 5322.00 GHS Million [+]
GDP From Construction 3044.00 3173.40 3587.37 1016.30 GHS Million [+]
GDP From Manufacturing 4869.60 4216.30 4869.60 1801.31 GHS Million [+]
GDP From Mining 6949.00 5840.20 6949.00 497.40 GHS Million [+]
GDP From Public Administration 1206.10 1097.40 1397.19 862.14 GHS Million [+]
GDP From Services 15238.70 14311.80 15238.70 8690.40 GHS Million [+]
GDP From Transport 2428.20 1951.90 3653.00 1471.80 GHS Million [+]
GDP From Utilities 175.80 183.10 273.00 148.34 GHS Million [+]


Ghana GDP Annual Growth Rate

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 August of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
6.70 6.80 25.00 -1.60 2000 - 2019 percent Quarterly
Constant Prices 2013, NSA




Country Last Previous
China 6.20 Jun/19
India 5.80 Mar/19
Indonesia 5.05 Jun/19
Spain 2.30 Jun/19
United States 2.30 Jun/19
South Korea 2.10 Jun/19
Netherlands 2.00 Jun/19
Australia 1.80 Mar/19
Saudi Arabia 1.70 Mar/19
Switzerland 1.70 Mar/19
Canada 1.30 Mar/19
France 1.30 Jun/19
Japan 1.20 Jun/19
United Kingdom 1.20 Jun/19
Euro Area 1.10 Jun/19
Russia 0.90 Jun/19
Brazil 0.50 Mar/19
Germany 0.40 Jun/19
Singapore 0.10 Jun/19
Italy 0.00 Jun/19
South Africa 0.00 Mar/19
Mexico -0.70 Jun/19
Turkey -2.60 Mar/19
Argentina -5.80 Mar/19


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