Ghana’s Economy Grows 6.7% in First Quarter of 2019

BY YESMAN ANTOH-

Professor Samuel Kobina Annim
Photo Credit: UCC

NEW AFRICA BUSINESS NEWS, Accra, Ghana- PROVISIONAL FIGURES released by the Ghana Statistical Service (GSS) shows that Ghana’s Gross Domestic Product (GDP) grew by 6.7% in the first quarter of 2019.

This is compared to the same period in 2018 which was at 5.4%.

Speaking at a press conference, the Government Statistician, Professor Samuel Kobina Annim pointed out that the non-oil GDP growth for the first quarter of 2019 was at 6.0% year-on-year compared to 4.2% recorded in the first quarter of 2018.

Breaking the figures down into sectors, Mr Annim explained that the Services sector recorded a year-on-year quarterly GDP growth rate of 7.2%.

“The Information and Communication sub-sector recorded the highest year-on-year quarterly GDP growth rate of 37.0% while the Finance and Insurance sub-sector recorded the lowest growth of 2.1%.”

Industry sector

The year-on-year quarterly GDP growth rate for the Industry sector was at 8.4% for the first quarter 2019.

The Mining and Quarrying sub-sector recorded the highest year-on-year quarterly GDP growth rate of 20.9% for same period in 2019, while the construction sub-sector recorded the lowest, with a contraction at -8.7%.

Agriculture sector

The year-on-year quarterly GDP growth rate for Agriculture was at 2.2% for the first quarter of 2019.

Also, the livestock sub-sector recorded the highest year-on-year growth rate of 5.5% while the Forestry and logging sub-sector recorded the lowest, with a contraction of -5.8%.

BY YESMAN ANTOH, NEW AFRICA BUSINESS NEWS, BUSINESS & POLITICS, GLOBAL CORRESPONDENT

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