Economic Growth To Accelerate Over The Medium Term

Real Gross Domestic Product (GDP) is expected to achieve an average overall growth of 8.2 percent over the medium term (2016-2018), with projected growth of 5.4 percent in 2016, 9.9 percent in 2017 and 9.3 percent in 2018.

Non-oil GDP is projected to grow at an average of 6.9 percent over the medium term, growing by 5.4 percent in 2016, 7.1 percent in 2017 and 8.5 percent in 2018.

The Agriculture Sector is expected to record an average growth rate of 3.3 percent in the medium term. The Sector is expected to record a growth of 3.5 percent for both 2016 and 2017, declining to 3.0 percent in 2018.

The Industry Sector is projected to record an average growth rate of 13.2 percent in the medium-term, the highest rate among the sectors. The sector is expected to grow by 7 percent in 2016, 18.3 percent in 2017, and 14.3 percent in 2018.

The petroleum sub-sector however, is expected to record an average growth rate of 26.3 percent over 2016-2018, with the expected coming on stream of the Tweneboa-Enyenra-Ntomme (TEN) and Sankofa Gye Nyame (SGN) fields during this period.

The Services Sector is projected to grow at an average rate of 7.7 percent in the medium term, spurred on by strong growth performances in Information and Communication, and Financial Intermediation. The Services Sector is projected to grow by 6 percent in 2016, 8.1 percent in 2017, and 9 percent in 2018.

Additionally, Information and Communication is projected to register an average growth of 31 percent over 2016-2018, thus making it the best performing sub-sector, in terms of growth, in the medium term.