4th quarter GDP revised

Business News of Friday, 12 April 2013

Source: Daily Guide

Seth Terkper Side

The Ghana Statistical Service (GSS) has revised the real Gross Domestic Product (GDP) estimates for 2012. Thus, the 2012 GDP stands at GH¢30,089.9 million, a growth of 7.9 percent over the 2011 final estimates of GH¢27,891.4 million.

In nominal terms, the revised GDP estimate for 2012 is GH¢73,109.1 million as against provisional estimates of GH¢71,847.1 million for the same period released in September 2012. It said the services sector remains the largest contributor with a share of 50.0 percent of GDP, followed by industry (27.3 percent) as well as agriculture which registered 22.7 percent growth.

Also, the GSS report said construction and electricity subsectors recorded relatively high growth rates of 11.2 percent and 11.1 percent respectively in the industry sector while mining and quarrying recorded 5.0 percent growth.

Manufacturing grew by 5.0 percent while the water sector grew by 2.0 percent. Though solid minerals grew significantly as well as crude oil production, drastic reduction in investment in the development of oil wells in 2012, compared to 2011, contributed to the low growth of the mining and quarrying subsector. In the services sector, information and communications as well as finance and insurance subsectors recorded growth rates of 23.4 percent and 23.0 percent respectively. Real estate, professional, administrative and support service activities and also hotels and restaurants subsector grew respectively by 13.1 percent and 13.0 percent. All other subsectors recorded growth below 10 percent.

The GDP estimates for 2011 have been reviewed upwards to record a growth rate of 15.0 percent. Upward revisions were made to the estimates of the manufacturing subsector as well as the transport and storage subsector, with downward revisions to the construction and trade subsectors.

It also stated that Ghana’s current GDP stood at GH¢59,816 million with a per capita GDP of GH¢2,367 as of 2012. According to the GSS, “The revision has come about because organisations had different financial years on their calendar. While some ends in March, others end in April and beyond hence the revision and this continues till a final estimate is reached.”