Ghana’s Economy Grows 5.1% in Q3

Ghanaian GDP expanded 5.1 percent year-on-year in the third quarter of 2014, up from a downwardly revised 1 percent gain in the previous period. Yet, growth estimates for 2014 were revised downwards.
Ghana Statistical Service | Carolina Cunha | 1/15/2015 6:10:55 PM
In the three months to September, the industrial sector recorded the highest growth rate (8.1 percent), followed by agriculture (4.4 percent) and services (3.5 percent).

The main growth drivers were financial and insurance activities (up 36.0 percent); information and communication (16.9 percent); fishing (15.5 percent); public administration (15.1 percent) and mining and quarrying (up by 14.2 percent).

In contrast, transportation contracted 12.2 percent; activities in restaurants and hotels shrank 7.5 percent; water and sewerage went down 3.7 percent and business activities declined 1.5 percent.

The government cut its 2014 growth forecasts to 3.9 percent from 6.9 percent in October of 2014. The statistical office expects the economy to expand 4.2 percent. In 2013, the country’s GDP advanced 7.3 percent.

On a quarter-on-quarter seasonally adjusted basis, the GDP advanced 0.7 percent in the third quarter of 2014.

Ghana’s Economy Grows 5.1% in Q3