Ghana’s GDP sees growth of 4.2% in 2023 first quarter

Government Statistician, Prof. Samuel Kobina Annim

The Ghana Statistical Service (GSS) has announced that the country’s Gross Domestic Product (GDP) increased in the first quarter of 2023.

In its Quarter 1 Newsletter released on Wednesday, June 21, it said the country’s GDP grew by 4.2% from January to March.

“Ghana's provisional real Gross Domestic Product (GDP) in volume terms was estimated to have increased by 4.2% in quarter one (January to March) of 2023 compared to the same period in 2022.

“When seasonally adjusted, Ghana's real GDP increased by 1.1 % in quarter one (January to March) of 2023; 0.3 percentage points higher than what was recorded in quarter four (October to December) of 2022,” parts of the newsletter by the Ghana Statistical Service said.

In the newsletter, the GSS explained that Public Administration, Defense & Social Security, Health, Education, Information, and Communication sub-sectors were the main drivers of GDP growth for the first quarter of 2023.

Meanwhile, the Ghana Statistical Service has also announced that Producer Price Inflation (PPI) dropped marginally in May.

Producer Price Inflation rate in the past month decreased from 34.3% in April to 30.3 percent

“The PPI rate for May 2023 was 30.3 percent. This rate indicates that between May 2022 and May 2023 (year-on-year), the PPI increased by 30.3 percent, representing a 4.0 percentage point decrease in producer inflation relative to the rate recorded in April 2023 (34.3%). The month-on-month change in the PPI between April 2023 and May 2023 was -2.7 percent,” part of a release from GSS noted.