Economy expands by 4.8% in second quarter

Ghana’s economy grew by 4.8 per cent, year-on-year, in the second quarter of this year 

largely due to the manufacturing and crop and cocoa sectors, the Ghana Statistical Service (GSS) has announced.

The provisional real quarterly Gross Domestic Product (GDP) growth rate including oil and gas shows an increase when compared to the 4. 2 per cent recorded in the same period last year.

Without oil and gas (Non-Oil GDP) the growth rate for the period is estimated to be 6.2 per cent when likened to the growth rate of 6.6 per cent recorded in the second quarter of 2021.

When seasonally adjusted, the real GDP increased by 1.1 per cent in the quarter under review, indicating a 0.2 percentage point increase from what was recorded in the first quarter of the year —January to March.

The Government Statistician, Professor Samuel Kobina Annim, announced the quarterly GDP figures for the second quarter at a press conference held in Accra yesterday.

He said mining and quarrying, information and communication, and education sub-sectors were also part of the main drivers of the GDP growth recorded in the quarter.

On GDP sectoral shares, he said, the services sector continued to be the largest sector of the Ghanaian economy in the second quarter of 2022 with a share of 45.8 per cent of GDP at basic prices while the GDP share of industry and agriculture were 32.1 per cent and 22.1 per cent respectively.

According to Prof. Annim, the services sector recorded the highest growth rate of 5. 2 per cent, followed by the agriculture sector, 4.6 per cent and the industry sector with a 4. 4 per cent growth rate.

The main sectors with more than 10 per cent expansion in the quarter are education: 13.2 per cent; health 12.7 and information and communication, 12.4 per cent.

The five sub-sectors which contracted in the quarter were professional, administrative and support services activities, -11.0 per cent; real estate, -5.7 per cent; water,-2.7; electricity, -2.2 per cent  and forestry and logging, -0.2 per cent.

Prof. Annim said the GDP (including oil and gas estimate at constant 2013 prices for the quarter was GH¢41, 205.5 million compared to GH¢39, 304.6 million in the second quarter of 2021.

“The non-oil GDP at constant 2013 prices for the second quarter of 2022 was GH¢38, 976. 1 million compared to GH¢36, 690 million in the second quarter of 2021,” he said.

Nominally, the GSS said the GDP estimate at current prices in purchaser’s value for the quarter under review was GH¢132, 263.5 million compared to GH¢102, 326.5 million in the second quarter of last year.

 BY JONATHAN DONKOR

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