Ghana records 7.4 per cent economic growth

Ghana’s Growth Domestic Product for the third quarter 2018 grew by 7.4 per cent from the 5.4 per cent recorded in the previous second quarter this year, with the growth driven by industry, the Ghana Statistical Service has announced.

However, the third quarter GDP growth rate year-year-year fell below the 8.7 per cent recorded in the same period last year.

Releasing the third quarter GDP growth figures in Accra yesterday, acting Government Statistician, Mr Baah Wadieh said the growth of the country’s GDP was influenced by the growth in industry.

He said the industry sector recorded the highest growth rate of 11.7 per cent, which was spurred by the growth in mining and quarrying and the manufacturing sectors.

“Within the industry sector, the mining and quarrying sub-sector grew by 5.9 per cent in the third quarter of 2018, compared to 5.9 per cent same as recorded in the second quarter of 2018.  The manufacturing sub-sector grew by 1.6 per cent in the third quarter of 2018, compared to 0.7 per cent growth recorded in the second quarter of 2018,” he said.

He said agriculture sector grew by 5.5 per cent and the services sector recorded the lowest growth rate of 3.5 per cent.

Mr Wadieh said the poor growth rate recorded in the services was due to the contraction recorded in the finance and insurance and real estate, which grew by negative 8.9 and 16.7 respectively.

The Acting Government Statistician said the GDP growth for the third quarter at current prices was GHȻ75, 00.4 million compared to GHȻ63, 447.4 million in the third quarter 2017.

He said the non-oil GDP at current prices was estimated at GHȻ72, 546.6 million compared to GHȻ60, 985.6 million in the third quarter of 2017.

“The oil GDP estimate at constant 2013 prices for the third quarter of 2018 was GHȻ39,229.4 million compared to GHȻ36,605.6 million in  the third quarter of 2017, while the non-oil GDP at constant 2013 prices for the third quarter of 2018 was GHȻ36,272.7 million compared GHȻ33,438.6 million in the third quarter of 2017,” he said.

Meanwhile, the country in November recorded producer price inflation of 6.5 percent.

The drop in the PPI represent a 0.7 percentage decrease in the PPI relative to the rate recorded in October this year, which was 7.2 percent and a monthly change rate of negative 0.6 per cent.

Mr Wadieh said the decrease in the November PPI, was influenced by the fall in the PPI for the manufacturing sector, saying the manufacturing sector which constituted more than two-thirds of total industry decreased by 1.1 percentage points to record 8.6 per cent.

He said the petroleum sub-sectors recorded PPI rate of 30.6 per cent, compared to the 36.1 per cent recorded in October this year.

 By Kingsley Asare

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