Ghana Annual GDP Growth at 1-Year High in Q3

Ghana’s economy grew 7.4 percent year-on-year in the third quarter of 2018, following a 5.4 percent expansion in the previous period. It was the strongest growth rate since the third quarter of 2017, mostly driven by the industry and services sectors.
Ghana Statistical Service | Stefanie Moya | stefanie.moya@tradingeconomics.com 12/20/2018 11:35:59 AM
The services sector advanced 3.5 percent, higher than a 0.5 percent growth in the second quarter of the year, boosted by a rebound in professional administrative & support (7.2 percent from -5.9 percent in Q2); transport & storage (4.3 percent from -1.1 percent) and trade, repair of vehicle and household goods (2.9 percent from -1.5 percent). Also, output rose faster in health & social work (28.4 percent from 26.8 percent); education (5.7 percent from 2.0 percent) and hotels & restaurants (5.4 percent from 4.3 percent). In addition, output fell at a softer pace in finance & insurance (-8.8 percent from -13.4 percent). On the other hand, output growth slowed in information & communication (9.9 percent from 14.6 percent); public administracion & defence & social security (2.0 percent from 4.2 percent) and personal service & activities (2.2 percent from 6.7 percent) while contracted further in real estate (-16.7 percent from -0.8 percent).

The industrial sector grew 11.7 percent, faster than a 11.1 percent expansion in Q2, mainly driven by manufacturing (6.5 percent from 2.7 percent). In contrast, output growth slowed in mining & quarrying (23.9 percent from 24.7 percent); electricity (5.6 percent from 9.0 percent) and construction (0.9 percent from 2.0 percent). Additionally, output shrank for oil & gas (-4.4 percent from 12.1 percent) and water & sewerage (-4.9 percent from -3.5 percent).

Agriculture increased 5.5 percent, after a 4.8 percent gain in the previous quarter, mostly due to crops & cocoa (6.8 percent from 4.8 percent) and livestock (5.7 percent from 5.6 percent). Meanwhile, output contracted in fishing (-0.8 percent from 2.7 percent)and growth slowed in forestry & logging (0.3 percent from 4.0 percent).

On a quarterly basis, the GDP advanced 1.8 percent, after expanding 1.3 percent in the prior period.

Ghana Annual GDP Growth at 1-Year High in Q3