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23.04.2020 Business & Finance

4th Quarter GDP Records 7.9% As Service Sector Tops At 11%

4th Quarter GDP Records 7.9% As Service Sector Tops At 11%
LISTEN APR 23, 2020

Provisional real quarterly gross domestic product growth (QGDP) including oil and gas, by production was 7.9% (year on year) in the fourth quarter of the year 2019.

In the same period in 2018, the growth was 6.8%.

The Ghana Statistical Service (GSS), which made this known recently, said GDP growth rate without oil and gas (Non-Oil GDP) for the fourth quarter in 2019 was 8.1% which compared to the same period in 2018 with a growth rate of 8.4%.

Prof Samuel Annim, Government Statistician, who spoke to the media in Accra, said the Services sector recorded the highest growth of 11.0%; the Agriculture sector expanded by 6.8% and the Industry sector 5.4%.

Ghana's provisional Real Gross Domestic Product (GDP) in volume terms was estimated to have increased to 7.9% in quarter four (October to December) of 2019.

The GDP estimate at constant 2013 prices for the fourth quarter of 2019 was GH¢42,600 million compared to GH¢39,473.2 million in the fourth quarter of 2018.

The Non-oil GDP at constant 2013 prices for the fourth quarter of 2019 was GH¢39,021.3 million compared to GH¢36,093.9 million in the fourth quarter of 2018.

The GDP estimate at current prices in purchaser's value for the fourth quarter of 2019 was GH¢94,766.0 million compared to GH¢80,843.6 million in the fourth quarter of 2018.

The Non-oil GDP estimate at current prices for the fourth quarter of 2019 was GH¢90,234.1 million compared to GH¢77,981.2 million in the fourth quarter of 2018.

When seasonally adjusted, Ghana's Real GDP grew 1.9% in quarter four (October to December) of 2019; an increase from 1.4% as recorded in quarter three (July to September) of 2019.

The main subsectors with double digit growth rate in October to December 2019 GDP were Information & Communication, Real Estate, Electricity and Education.

Information & Communication subsector increased from 12.3% in quarter four of 2018 to 67.6% in quarter four of 2019.

The Real Estate sub-sector recovered from a contraction of -3.1% in quarter four of 2018 to 36.5% in quarter four of 2019.

Electricity subsector recorded a growth of 10.5% in the fourth quarter of 2019 compared to 6.3% in same period of 2018.

The Education subsector increased to 10.7% in quarter four of 2019 from 4.0% in quarter four of 2018.

Negative contributors to the QGDP growth came from the subsector of Water Supply, Sewerage, Waste Management & Remediation Activities and Construction activities.

---Daily Guide

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