2nd quarter GDP grows 3.9%

•    The growth was mainly driven by the industry sector.

• The growth was mainly driven by the industry sector.

Ghana’s Real Gross Domestic Product (GDP) grew 3.9 per cent in the second quarter of this year, compared to a revised 2.6 per cent recorded the same period last year, the Ghana Statistical Service has said.

“The growth was driven mainly by the industry sector which recorded 15.3 per cent, followed by the services sector with 5.3 per cent and agriculture sector with -0.1 per cent,” Baah Wadieh, Deputy Government Statistician said at a press briefing in Accra.

He said the oil GDP estimate at current prices in the second quarter of 2015 was GH¢32,000.3 million, compared to GH¢28,961.1 million in the first quarter of this year.

“The non-oil GDP estimate at current prices for the second quarter of 2015 was GH¢30,497.0 million, compared to GH¢27,671.5 million in the first quarter of this year,” he said.

Mr. Wadieh said sub-sectors that recorded double digit year-on-year quarterly GDP growth rates were finance and insurance, 52.7 per cent; construction, 45.1 per cent; public administration, defence and social security, 20.5 per cent; information and communication, 18.4 per cent; health, 16.9 per cent; and water and sewerage, 10.9 per cent.

He said major contractions were observed in other sub-sectors, including electricity, -23.5 per cent; transport and storage, -11.3 per cent; and hotel and restaurants, -10.9 per cent.

Mr. Wadieh said the sectoral distribution in the second quarter of this year were services, 59.8 per cent; industry, 29.6 per cent; and agriculture, 10.6 per cent.

Additionally, the provisional quarter-on-quarter seasonally-adjusted real GDP including oil and gas growth rate in the second quarter of 2015 was 0.9 per cent.

In an estimate based on recorded growth in the first half of the year, the GSS said GDP growth, including oil, will stand at 4.1 per cent in 2015.

By Joseph Edu Archison & Victoria Palm   

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