Ghana’s economy grew 6.8 percent year-on-year in the first quarter of 2018, easing from a 8.1 percent gain in the previous period.

It was the weakest expansion since the first quarter of 2017. Main drivers of growth were services; industry and agriculture.

On a quarterly basis, the gross domestic product expanded 1.5 percent, slowing from a 2.1 percent growth in the prior period.

GDP Annual Growth Rate in Ghana averaged 6.95 percent from 2000 until 2018, reaching an all time high of 25 percent in the first quarter of 2012 and a record low of -3.80 percent in the first quarter of 2014.

Ghana GDP Growth Eases to 8.1% in Q4

Ghana’s economy expanded by 8.1 percent year-on-year in the fourth quarter of 2017, following an upwardly revised 9.7 percent growth in the previous three-month period.

Considering 2017 full year, the economy grew by 8.5 percent, the fastest rate in five years, mainly boosted by oil and gas production.

The services sector rose 3.4 percent, lower than 5.5 percent in the previous period, mostly due to slower growth in health (24.2 percent compared to 32.1 percent in Q3); education (24.2 percent compared to 32.1 percent) and real estate, professional, administrative and other (3.3 percent compared to 9.0 percent).

Additionally, output contracted in public administration (-4.0 percent compared to 4.0 percent) and transport (-3.2 percent compared to 1.2 percent).

Agriculture increased 8.5 percent, slowing from a 9.8 percent in the previous quarter, mainly due to livestock (4.6 percent compared to 6.7 percent) and fishing (4.4 percent compared to 50.6 percent).

The industrial sector expanded 17.5 percent, higher than a 17.1 percent in the third quarter.

Growth advanced faster in mining (43.9 percent compared to 41.2 percent in Q3) while eased in construction (5.0 percent compared to 7.2 percent); manufacturing (1.3 percent compared to 2.5 percent); water and sewerage (3.5 percent compared to 11.2 percent) and electricity (2.8 percent compared to 13.2 percent).

Considering 2017 full year, the economy grew by 8.5 percent, the highest in five years, and after a 3.7 percent expansion in 2016.

Source: Ghana Statistical Service

Credit: TradingEconomics

(by Stefanie Moya)