Ghana’s economy records 7.1 % growth for 2013
Revised GDP estimates for 2013 showed a growth in the economy of about 7.1 percent.
This is according to latest figures released by the Ghana Statistical service.
Gross Domestic Product (GDP) is the estimate of the total value of final goods and services produced in the country during a given period.
The last quarter of the 2013 recorded a GDP growth of 4.9%.
Oil GDP for 2013 was at GHS 93.4625 billion recording an increase from 2012’s GHS74.959 billion.
Non-Oil GDP for 2013 however was at GHS 89.545billion from GHS71.6269 billion recorded in 2012.
This is less than government’s target of 8 percent.
Government’s target for 2013 for overall GDP growth including oil was 8.0 percent while that for non oil was 6.5 percent.
Per Capita GDP for 2013 is at GHS 3,529.6 (USD 1,799.3).
The services sector recorded the highest year on year growth of 8.9 percent. It was followed by industry which recorded 7 percent and agric the lowest rate of 5.2 percent.
The Agricultural sector’s contribution to GDP continued to decline from 23 percent in 2012 to 22 percent in 2013.
Industry’s contribution now stands at 28.57 percent while Services continued to increase from 48.4 percent to 49.5 percent.
The GDP for the third quarter of last year has been revised from 0.3 percent to 4.9 percent.
While the provisional fourth quarter GDP growth is at 4.9 percent
Government Statistician, Dr Philomena Nyarko explains the reason for the huge deviation of the revised growth rate and the provisional is a result of the improved data received from the data collecting agencies.
“The growth rate for the third quarter was 0.3percent, but for now we have a revised figure of 4.9%. The main reason was because we received improved data from the data collection sources including the ministry of Agriculture, fisheries commission, forestry commission, minerals commission among others.”
Dr Philomena Nyarko indicated the data received from those agencies initially were not complete. According to her, “some districts and regions had not sent their data and so after the release we had to follow up”.
The new quarter 3 data from the Statistical Service showed Crops data had improved from 6.3% against the -0.7% provisional estimate. Fishing data showed improved Q3 growth rate of 9.3% against the -27.2% provisional estimate. Forestry data showed Q3 growth was -8.8% as against the -3.9% provisional estimate. Livestock Q3 growth was 5.3% against -13.0% provisional estimates.
With regards to Industry, the revised quarter 3 2013 data showed Mining and quarrying had an improved 0.7% against the -3.6% provisional estimate. Manufacturing data showed improved Q3 growth rate of -0.8% against the -25.8% provisional estimate. Construction Q3 growth was 2.5% against the -9.0% provisional estimate.
Year-on-Year performance of Activities in the Agriculture Sector in the 4th quarter of 2013 showed strong growth in fishing it was 9.6%, crops and cocoa, 6.0%; of which cocoa was 1.7%; and livestock, 5.2%.
However, forestry and logging contributed -25.6% to the sector.
Year-on-Year performance of Activities in the Services Sector in the 4th quarter of 2013 showed strong growth, for financial and Insurance activities it was 18.3%, information and Communication 12.8%, transport & storage 11.1% and public administration at 10.8%.
Year-on-Year performance of Activities in the Industry Sector in the 4th quarter of 2013 showed strong growth for electricity it was 16.3%, construction 5.3% while mining and quarrying including crude oil production was 1.3%
However manufacturing and water subsectors contributed negative growth rates of 14.7% and 0.8% respectively to the sector.
The Statistical service has also announced that Final 2012 Non-Oil GDP growth is at 8.1 percent.
By: Anim Kwaku Boadu/citifmonline.com/Ghana