GDP reaches 5.4% in 2018 second quarter

Business News of Thursday, 18 October 2018

Source: citibusinessnews.com

2018-10-18

Water and sewage sub-sector recorded the least growth rate of -.09%

Provisional figures released by the Ghana Statistical Service show that Ghana’s Gross Domestic Product which is the total value of all goods and services produced within the second quarter of this year grew by 5.4 percent.

This compares with the 11.1 percent recorded for same period last year.

For the second quarter of this year, which is between April and June, the GDP including oil reached 71 billion cedis compared to the 62 billion cedis recorded in the same period last year.

In the agricultural sector, the livestock subsector recorded the highest growth of 1.1 percent; it was followed by crops and fishing which grew by 1 and 0.5 percent respectively.

Within the industry sector, both Mining and Quarrying as well as electricity subsectors recorded increases in growth between April and June this year.

But the water and sewage sub-sector recorded the least growth rate of negative 0.9 % compared to 0.4 % in the 1st quarter of 2018.

Meanwhile, in the services sector, as expected, the Finance and Insurance subsector witnessed the least growth of negative 3.8 percent.

Also, growth in the information and communication sub-sector dropped to 3.3%. While the Health and Social Work subsector grew by 5.9 percent.

Mr. Baah Wadieh attributes the slow growth in the financial sector to the recent developments within that sector.

“What we have recorded is just a reflection of what we have all observed in the country with regards to the crisis in the banking sector and these are reflecting in our figures,” he said.

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