2014 third quarter GDP grows 5.1 per cent

fish pixThe Gross Domestic Product (GDP) for the third quarter of 2014 stood at 5.1 per cent year-on-year compared to revised GDP of 4.6 per cent in the same period.

The industry sector recorded the highest growth of 8.1 per cent followed by the Agriculture sector 4.4 per cent, while the services sector netted a growth rate of 3.5 per cent.

This was made known by Mr. Baah Wadieh, Deputy Government Statistician at a media briefing in Accra.

He said the real GDP growth rate for the third quarter on quarter basis was 1.4 per cent.

He said the financial and insurance activities recorded 8.5 per cent, fishing 4.2 per cent and information and communication activities giving 4.1 per cent.

Mr. Wadieh said comparing current economic development in 2014 with that of the same period in the previous year, financial and insurance activities increased by 36 per cent, with information and communication growing by 16.9 per cent.

He said during the same period the fishing sector also grew by 15.5 per cent, while Public Administration expanded by 15.1 per cent with the Mining and Quarrying growing by 14.2 per cent.

Mr. Wadieh said economic activities in the Mining and Quarrying sub-sector with the industry sector increased by 3.3 percentage points from negative 0.8 per cent growth recorded in the second quarter of 2014.

He said there was a decline in the production of water sewerage by negative 0.9 per cent, transport and storage negative 3.5 per cent, real estate and business activities by negative 0.4 per cent and hotel and restaurants by negative 1.9 per cent.

Mr. Wadieh said the oil GDP at current prices for the third quarter of 2014 was GH¢29,635.9 million compared to GH¢25,951.9 million in the second quarter of 2014 while the non-oil GDP at current prices for the third quarter of 2014 was GH¢29,635.9 million compared to GH¢24,090.7 million in second quarter of 2014.

Lawrence Markwei

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