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.

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

Ghana Statistical Service | Stefanie Moya |
12/20/2018 11:35:59 AM