<\/p>\n
In the first quarter of 2024, Ghana\u2019s economy experienced growth, with the industry sector showing its best performance in 19 quarters.<\/p>\n
According to recent provisional figures released by the Ghana Statistical Service, Ghana\u2019s Gross Domestic Product (GDP) is estimated to have increased by 4.7% in the first quarter of 2024 (January to March) compared to the same quarter a year ago, and by 1.2% compared to the fourth quarter of 2023 (October to December).<\/p>\n
Government Statistician Samuel Kobina Annim, addressing journalists in Accra, attributed the growth of the economy in the first quarter of 2024 to Mining & Quarrying (12.9%), Information & Communication (17.9%), Crops (4.3%), Construction (8.2%), and Accommodation and Food Service Activities (9.4%).<\/p>\n
In terms of sub-sectors that contracted in the first quarter of 2024, Health and Social Work contracted by (-8.8%), Electricity (-7.5%), Public Administration, Defense, and Social Security (-5.3%).<\/p>\n
Other sub-sectors such as Education (-4.9%), Other Personal Service Activities (-2.9%), and Forestry & Logging (-1.2%) all experienced contraction during the period.<\/p>\n
\u201cThe Services sector continues to be the largest sector of the Ghanaian economy in Q1 2024, with a share of 45.6% of GDP at basic prices. The GDP share of Industry and Agriculture were 30.6% and 23.8%, respectively,\u201d the report said.<\/p>\n
\u201cCompared to the same quarter last year, growth in Agriculture was 4.1% in Q1 2024. In the Industry sector, growth was 6.8% compared to Q1 2023, and in the Services sector, growth was 3.3%. Quarter-on-quarter growth was 1.1%, 1.8%, and 0.9%, respectively,\u201d it added.<\/p>\n