Ghana’s Economy Grows By 6.7% In First Quarter Of 2019 -GSS

BY Adu Koranteng

Ghana’s Gross Domestic Product (GDP) for the first quarter of 2019 grew by 6.7% compared to 5.4% recorded for the first quarter of 2018.

According to the Ghana Statistical Service (GSS), non-oil growth stood at 6 percent.

Speaking to the press on Wednesday, Government Statistician Prof Samuel Anim said, “Despite the industrial Sector recording the highest growth rate of 8.4 percent, the Information Communication and Technology sub sector increased growth from 16.3 percent to 37 percent, making it the highest contributor to the rate”.

Sectoral growth for Q1 of 2019

In the Agriculture sector, 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 (-5.8 %).The crops sub-sector grew by 2.4% in the 1st quarter of 2019, compared to 0.6% in the 1st quarter of 2018.The fishing sub-sector recorded a growth of rate of -1.5 per cent within the Agriculture sector.

The year-on-year quarterly GDP growth rate for the Industry sector is 8.4% for 2019Q1.The Mining & Quarrying sub-sector recorded the highest year-on-year quarterly GDP growth rate of 20.9% for 2019Q1, while the construction sub-sector recorded the lowest, with a contraction (-8.7%).

For the first quarter of 2019, the Services sector recorded a year-on-year quarterly GDP growth rate of 7.2%. The Information & Communication sub-sector recorded the highest year-on-year quarterly GDP growth rate of 37.0% while the Finance & Insurance sub-sector recorded the lowest growth of 2.1%.

World Bank’s prediction

The World Bank earlier projected a 6.7 percent economic growth for the country in 2019, as it also projected oil production to dissipate.

“Growth in Ghana is forecast to moderate from 6.9 percent in 2018 to 6.7 percent in 2019 as the effects of high oil production dissipate,” The World Bank said.