{"id":133651,"date":"2023-12-21T10:44:12","date_gmt":"2023-12-21T10:44:12","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/12\/21\/economy-expands-by-2-0-in-quarter-3-of-2023\/"},"modified":"2023-12-21T10:44:12","modified_gmt":"2023-12-21T10:44:12","slug":"economy-expands-by-2-0-in-quarter-3-of-2023","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/12\/21\/economy-expands-by-2-0-in-quarter-3-of-2023\/","title":{"rendered":"Economy expands by 2.0% in quarter 3 of 2023 \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Provisional estimates from the Ghana Statistical Service show that the economy expanded by 2.0% in the third quarter of 2023.<\/p>\n<p>This is lower than the pre-pandemic (covid-19) average Gross Domestic Product (GDP) growth rate of 5% and the 2.7% recorded during the same period in 2022.<\/p>\n<p>For non-oil GDP, the economy grew at a rate of 2.1%.<\/p>\n<p>According to the figures from the GSS, the Agriculture and Services sectors expanded by 5.9% and 2.0% respectively. However, Industry contracted by 4.3%.<\/p>\n<p>For the Agric sector, all the sub-sectors expanded except Forestry and Logging which contracted by 6.9%. The Crops sub-sector registered the highest growth rate of 7.0%.<\/p>\n<p>All the 10 sub-sectors in the Services sector expanded.<\/p>\n<p>Information and Communication sub-sector registered the highest GDP growth rate of 17.3%. It was followed by Accommodation and Food Services Activities (11.2%)<\/p>\n<p>With regard to Industry, the Construction (-8.3%), Mining and Quarrying (-8.1%) and Electricity (-1.8%) sub-sectors contracted. Interestingly, the Manufacturing sector grew at a rate of 2.1%.<\/p>\n<p>In terms of the size of the economy, the Services sector continued to remain the largest sector of the Ghanaian economy with a share of 42.1%. Industry and Agriculture came 2nd and 3rd respectively with shares of 33.0 and 24.9%.<\/p>\n<p>The nominal GDP estimate at current prices in quarter 3, 2023 was estimated at \u00a2212.36 billion.<\/p>\n<p><strong>Source<\/strong>:\u00a0<a>Joy Business<\/p>\n<p><!-- AI CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Provisional estimates from the Ghana Statistical Service show that the economy expanded by 2.0% in the third quarter of 2023. This is lower than the pre-pandemic (covid-19) average Gross Domestic Product (GDP) growth rate of 5% and the 2.7% recorded during the same period in 2022. For non-oil GDP, the economy grew at a rate [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":128040,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-133651","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Economy expands by 2.0% in quarter 3 of 2023 \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/12\/21\/economy-expands-by-2-0-in-quarter-3-of-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economy expands by 2.0% in quarter 3 of 2023 \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Provisional estimates from the Ghana Statistical Service show that the economy expanded by 2.0% in the third quarter of 2023. 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