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.
Ghana Statistical Service | Luisa Carvalho | luisa.carvalho@tradingeconomics.com 6/20/2019 2:43:36 PM
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 GDP Annual Growth Rate at 6.7% in Q1