Economy records 6.6 per cent growth in 3rd quarter

Ghana’s economy for third quarter of 2021 year on year provisionally grew at 6.6 per cent, compared with contraction of 3.2 per cent in the same period last year.

The country’s growth rate without oil and gas (Non-Oil GDP) for third quarter 2021 stood at 8.6 per cent, compared with the -3.0 in the same period last year.

The Government Statistician, Professor Samuel K. Annim, who disclosed this here said when seasonally adjusted the real Gross Domestic Product (GDP) increased by 1.6 in quarter three (July to September) of 2021, 0.5 percentage point higher than what was recorded in quarter one.

He said the revised GDP growth for quarter one and two stood at 4.2 per cent and 5.1 per cent respectively.

Prof. Annim said the services and agriculture sectors drove the growth in the economy in the third quarter this year.

The crops, education, trade, repair of vehicles, household goods, manufacturing and information and communication sub-sectors were the main drivers of Gross Domestic Growth growth for the third quarter of 2021,” Prof. Annim said.

GDP which is the main indicator for measuring economic performance, measures the value of goods and services produced in the country within a year.

“Services sector recorded the highest growth of 13.4 per cent, followed by the agriculture sector with a growth of 9.2 per cent,” he said.

He said education drove growth of the services sector, which grew by almost a quarter at 24.2 per cent.

He said health and social work and information and communication grew at 20.5 per cent and 17.0 per cent respectively.

Under agriculture, Prof. Annim said fishing influenced the growth of the sector and grew at 24.3 per cent.

“The crop sector grew at 9.8 per cent, livestock 5.8 per cent and forestry and logging at 2.7 per cent,” he said.

The Government Statistician indicated the industry shrunk at 2.0 per cent.

The contraction in the growth in industry, he said was driven by mining and quarrying at -11.2 per cent.

The Government Statistician said the GDP estimates at current prices in purchaser’s value for the third quarter of 2021 was GH110.1 million compared to GHc91.6 million in the third quarter of 2020.

“The Non-oil GDP (GDP without Oil and Gas) estimate at current prices for the third quarter of 2021 was GHc105.63 million compared to GHc88.5 million in third quarter of 2020,” Prof. Annim said.


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