Economy to grow by 4.1%

The economy is expected to grow a little over 4 percent this year. That’s according to the Ghana Statistical Service.

The service disclosed this when it released figures covering the performance of the economy for the second quarter of this year.

The quarter on quarter report projects that the economy will grow at 4.1 % this year, higher than government’s own projection of 3.5%.

According to the report, industry recorded the highest growth figures.

Provisional Real Gross Domestic Product (including Oil and Gas) for the 2nd quarter of 2015 grew by 3.9 per cent (year-on-year).

Real Gross Domestic Product (GDP) for the 2nd quarter of 2015 grew by 3.9% (year-on-year) compared to the revised estimate of 2.6% recorded for the 2nd quarter of 2014. The Industry sector recorded the highest growth of 15.3%, the Services sector followed with 5.3% and Agriculture sector, -0.1%.

GDP AT CURRENT PRICES (OIL AND NON-OIL)
The Oil GDP estimate at current prices for the 2nd quarter of 2015 was GHC32,000.3 million compared to GHC28,961.1 million in the 1st quarter of 2015.

The Non-oil GDP estimate at current prices for the 2nd quarter of 2015 was GHC30,497.0 million compared to GHC27,671.5 million in the 1st quarter of 2015.

GDP AT CONSTANT 2006 PRICES (OIL AND NON-OIL)
The Oil GDP estimate at constant 2006 prices for the 2nd quarter of 2015 was GHC8,214.4 million compared to GHC7,703.6 million in the 1st quarter of 2015.

The Non-oil GDP at constant 2006 prices for the 2nd quarter of 2015 was GHC7,648.1 million compared to GHC7,197.3 million in the 1st quarter of 2015.

Sub-sectors that recorded double digit year-on-year quarterly GDP growth rates were as follows:

Finance and Insurance (52.7%);
Construction (45.1%);
Public Administration, Defence and Social Security (20.5%);

Information and Communication (18.4%)
Health (16.9%);
Water and Sewerage (10.9%).
Major construction were observed in the Electricity (-23.5%), Transport and Storage (-11.3%) and Hotel and Restaurants (-10.9%)

GDP Shares
The sectoral distribution in the 2nd quarter of 2015 were as follows:

Agriculture, 10.6%
Industry 29.6%
Services 59.8%
Quarter-on-quarter seasonally adjusted growth rates of expanding and contracting sub-sectors in 2015 Q2

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