Second quarter GDP grows by 5.4 per cent –GSS

Industry  sector  recorded the highest  growth of 11.1

Industry sector recorded the highest growth of 11.1

Ghana’s Gross Domestic Product (GDP)   for  the  second quarter of 2018  grew by 5.4  per cent  compared  to 11.1  per cent   recorded  for the  second quarter of  2017, the  Ghana  Statistical Service (GSS) has  announced.

According to the GSS,  the industry  sector  recorded the highest  growth of 11.1 per cent , followed by   agriculture which grew by   4.8 per cent  while the  services  sector recorded 0.5 per cent  growth.

The Acting Government Statistician, Mr  Baah Wadieh said this in Accra when he presented the quarterly GDP for the second quarter of 2018 and the producer price index for September 2018.

The growth, according to Mr Wadieh was influenced by the  health  and  social  work, mining and  quarrying and information and communication  sectors which  grew  by 26.8,  24.7   and 14.6 per cent respectively .

He said the oil GDP estimate for the second quarter at current prices was GH71, 870. 3 million compared to GHc 62,734.7 million in the second quarter of 2017.

Mr. Wadieh also observed that the non-oil GDP was pegged at current prices was GHc 35,317.9 million compared to GHc 61.282.7 million in the second quarter of 2017.

He stated that “ contraction  was however observed in the  financial and insurance activities  grew  by -13.4 per cent , professional, administrative  and support  services activities -5.9 per cent, water  and sewerage-3.5 per cent, trade, repairs of vehicles, households good  -5-9 per cent  transport and storage -1.1 per cent and  real estate -0.8 per cent.”

Meanwhile producer price inflation rate for September 2018 has dropped from 7.0 per cent to 5.6 per cent.

The decrease according to Mr. Wadieh was to due to decreases in the producer price index rates in quarrying and mining and manufacturing sub sector.

He said the monthly change rate   was 0.4 per cent.

The manufacturing sub-sector recorded the highest year-year producer price inflation rate of 8.3 per cent followed by the mining and quarrying with 0.4 per cent

The utilities sub-sector recorded the lowest year-on-year producer inflation of -0.2 per cent.

BY JEMIMA ESINAM KUATSINU

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