The economy of Ghana shrank 1.1% year-on-year in the third quarter of 2020, following a 3.2% contraction in the previous period, amid the ongoing pandemic crisis. The industrial sector decreased 5.1%, softer than 5.7% in Q2, as output rebounded for manufacturing (4% vs -13% in Q2). Services shrank 1.1%, after a 2.6% contraction in the previous period, amid softer declines in trade; repair of vehicles, household goods (-7.7% vs -20.2%) and hotels & restaurants (-62.1% vs -79.4%). On a brighter note, agricultural activity growth was the quickest in three years (8.3% vs 2.5%). On a quarterly basis, the GDP fell 0.3%, following a 0.8% decrease in the previous quarter. source: Ghana Statistical Service
GDP Annual Growth Rate in Ghana averaged 6.36 percent from 2000 until 2020, reaching an all time high of 25 percent in the first quarter of 2012 and a record low of -3.20 percent in the second quarter of 2020. 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 February of 2021.
GDP Annual Growth Rate in Ghana is expected to be 2.10 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 4.70 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.