Ghana Economy Grows 5.4% YoY in Q2


Ghana’s economy expanded 5.4 percent year-on-year in the second quarter of 2018, the same pace as in the previous period. It remained the weakest growth rate since the third quarter of 2016, mostly due to a slowdown in the services sector. On a quarterly basis, the gross domestic product grew 1.3 percent. The country rebased its nationals accounts from 2006 prices to 2013.

The services sector grew 0.5 percent, slowing from a 1.4 percent expansion in the first quarter of the year, mainly due to a contraction in trade, repair of vehicle and household goods (-1.5 percent compared to 1.8 percent); finance and insurance (-13.4 percent compared to -11.6 percent); professional, admnistrative and support (-5.9 percent compared to -5.7 percent) and transport and storage (-1.1 percent compared to -1.0 percent). Also, growth eased in information and communication (14.6 percent compared to 16.3 percent and education (2.0 percent compared to 4.0 percent). Meanwhile, output increased further in health and social work (26.8 percent compared to 24.8 percent); hotel and restaurants (4.3 percent compared to 2.0 percent) and public administracion and defence and social security (4.2 percent compared to 4.1 percent). Additonally, output rebounded in other personal service and activities (6.7 percent compared to -0.7 percent) and fell less in real estate (-0.8 percent compared to -2.7 percent).

The industrial sector advanced 11.1 percent, higher than a 10.4 percent expansion, driven by mining and quarrying (24.7 percent compared to 24.6 percent); electricity (9.0 percent compared to 1.0 percent) and construction (2.0 percent compared to -0.8 percent). On the other hand, output growth slowed for manufacturing (2.7 percent compared to 5.4 percent); oil and gas (12.1 percent compared to 23.7 percent) and dropped for water and sewerage (-3.5 percent compared to 1.6 percent).

Agriculture rose 4.8 percent, after a 4.7 percent gain in the prior quarter, boosted by livestock (5.6 percent compared to 5.4 percent) and fishing (2.7 percent compared to -9.2 percent). In contrast, output increased at a softer pace for crops and cocoa (4.8 percent compared to 5.1 percent) and forestry and logging (4.0 percent compared to 6.3 percent).

On a quarterly basis, the GDP advanced 1.3 percent, unchanged from the previous quarter.

Ghana Economy Grows 5.4% YoY in Q2


Ghana Statistical Service | Stefanie Moya | stefanie.moya@tradingeconomics.com
10/17/2018 3:58:37 PM