The country’s Gross Domestic Product (GDP) year-on-year for the first quarter of this year, grew by 4.1 per cent, the Government Statistician, Dr Philomena Nyarko, has announced.
Speaking at a news conference in Accra yesterday she said the first quarter GDP growth was better than the negative 3.8 per cent recorded in the same period last year, and explained that the key drivers for the first quarter GDP growth rate were agriculture, services sector and industry.
“The agriculture sector recorded the highest growth rate of 7.4 per cent; the services sector followed with 4.7 per cent, while industry recorded a growth rate of 0.9 per cent,” she stated.
Dr Nyarko said the oil GDP estimate at current prices for the first quarter this year, was GHc27, 512.8 million, compared with GHc29,223.7 million in the fourth quarter of last year.
“The non-oil GDP estimate at current prices for the first quarter of 2015 was GHc25,634.8 million, compared to GHc27,345.7 million in the fourth quarter of 2014,” she said.
Presenting the sector distribution of the economy, Dr Nyarko said agriculture in the first quarter of this year, grew by 15.7 per cent; industry 34.1 per cent and services 50.2 per cent.
The Government Statistician further said the oil GDP estimate at constant 2006 prices for the first quarter of 2015, was GHc7,693.3 million, compared to GH¢9,185.4 million in the fourth quarter of 2014, while the non-oil GDP at constant 2006 prices for the first quarter of 2015, was GHc7,177.0 million compared to GHc8,714.9 million in the fourth quarter of 2014.
In a related development, Dr Nyarko said the Producer Price Inflation (PPI) decreased to 19.0 in May, from 19.5 in April 2015.
“The monthly changes in the producer price index indicated that mining and quarrying recorded the highest inflation rate of 2.0 per cent, followed by the manufacturing sub-sector with 0.8 per cent while the utility recorded the lowest inflation rate of 0.1 per cent,” she said.
In the month of May this year, she said, 10 out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 16.8 per cent.
“Manufacture of paper and paper products recorded the highest inflation rate of 55.6 per cent, while the manufacture of coke, and refined petroleum products recorded the lowest producer price inflation rate,” she said.
By Kingsley Asare and Felix Akaho Jnr