{"id":191068,"date":"2024-06-19T18:51:33","date_gmt":"2024-06-19T18:51:33","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/06\/19\/ghanas-gdp-grows-by-4-7-in-q1-2024-driven-by-mining-and-ict-sectors\/"},"modified":"2024-06-19T18:51:33","modified_gmt":"2024-06-19T18:51:33","slug":"ghanas-gdp-grows-by-4-7-in-q1-2024-driven-by-mining-and-ict-sectors","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/06\/19\/ghanas-gdp-grows-by-4-7-in-q1-2024-driven-by-mining-and-ict-sectors\/","title":{"rendered":"Ghana\u2019s GDP grows by 4.7% in Q1 2024, Driven by mining and ICT sectors \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>The Ghana Statistical Service (GSS) has reported a 4.7percent increase in the country\u2019s Gross Domestic Product (GDP) for the first quarter of 2024, compared to the previous quarter\u2019s growth of 1.2percent.<\/strong><\/p>\n<p>Key drivers of this growth were identified as Mining and Quarrying, contributing 12.9 percent, Information and Communication at 17.9 percent, Crops with 4.3 percent, Construction at 8.2%, and Accommodation and Food Service Activities at 9.4 percent. Conversely, several sectors contracted, including Health and Social Work (-8.8percent), Electricity (-7.5percent), Public Administration, Defense, and Social Security (-5.3percent), Education (-4.9percent), Other Personal Service Activities (-2.9percent), and Forestry &amp; Logging (-1.2percent).<\/p>\n<p><strong>Sector contributions<\/strong><\/p>\n<p>In Q1 2024, the Services sector remained the largest in Ghana\u2019s economy, accounting for 45.6 percent of GDP at basic prices. The Industry and Agriculture sectors contributed 30.6 percent and 23.8 percent, respectively.<\/p>\n<p>Year-on-year, Agriculture grew by 4.1 percent, the Industry sector by 6.8 percent, and Services by 3.3 percent. Quarter-on-quarter, these sectors grew by 1.1 percent, 1.8 percent, and 0.9\u00a0 percent, respectively.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/ads.graphic.com.gh\/www\/delivery\/lg.php?bannerid=42&amp;campaignid=1&amp;zoneid=10&amp;loc=https%3A%2F%2Fwww.graphic.com.gh%2Fbusiness%2Fbusiness-news%2Fghanas-gdp-grows-by-4-7-in-q1-2024-driven-by-mining-and-ict-sectors.html&amp;referer=https%3A%2F%2Fwww.graphic.com.gh%2Fbusiness.html&amp;cb=c49e1ef0a2\" alt=\"\"\/><\/figure>\n<p><strong>Agriculture Sector<\/strong><\/p>\n<p>Within Agriculture, Crops experienced the fastest growth, both year-on-year (4.3 percent) and quarter-on-quarter seasonally adjusted (1.2 percent). In contrast, Forestry &amp; Logging saw a decline of -1.2 percent year-on-year and -0.3 percent quarter-on-quarter. Crops accounted for 89.5 percent and 79.9 percent of Agriculture\u2019s total nominal GDP and real GDP, respectively.<\/p>\n<p><strong>Industry Sector<\/strong><\/p>\n<p>In the Industry sector, Mining &amp; Quarrying led with a year-on-year growth of 12.9 percent and 3.0% quarter-on-quarter seasonally adjusted. Electricity, however, contracted by -7.5 percent year-on-year and -2.2 percent quarter-on-quarter. Mining &amp; Quarrying made up 38.6 percent and 38.1 percent of Industry\u2019s total nominal GDP and real GDP, respectively.<\/p>\n<p><strong>Services Sector<\/strong><\/p>\n<p>Information &amp; Communication within the Services sector saw the highest growth, with a year-on-year increase of 17.9 percent and 4.2 percent quarter-on-quarter seasonally adjusted. Health &amp; Social Work, on the other hand, declined by -8.8 percent year-on-year and -2.1 percent quarter-on-quarter. Information &amp; Communication Activities accounted for 7.7 percent of Services\u2019 total nominal GDP and 14.9 percent of real GDP.<\/p>\n<p><!-- CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Ghana Statistical Service (GSS) has reported a 4.7percent increase in the country\u2019s Gross Domestic Product (GDP) for the first quarter of 2024, compared to the previous quarter\u2019s growth of 1.2percent. Key drivers of this growth were identified as Mining and Quarrying, contributing 12.9 percent, Information and Communication at 17.9 percent, Crops with 4.3 percent, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":191069,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-191068","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ghana\u2019s GDP grows by 4.7% in Q1 2024, Driven by mining and ICT sectors \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\/2024\/06\/19\/ghanas-gdp-grows-by-4-7-in-q1-2024-driven-by-mining-and-ict-sectors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana\u2019s GDP grows by 4.7% in Q1 2024, Driven by mining and ICT sectors \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Ghana Statistical Service (GSS) has reported a 4.7percent increase in the country\u2019s Gross Domestic Product (GDP) for the first quarter of 2024, compared to the previous quarter\u2019s growth of 1.2percent. Key drivers of this growth were identified as Mining and Quarrying, contributing 12.9 percent, Information and Communication at 17.9 percent, Crops with 4.3 percent, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ghanamma.com\/2024\/06\/19\/ghanas-gdp-grows-by-4-7-in-q1-2024-driven-by-mining-and-ict-sectors\/\" \/>\n<meta property=\"og:site_name\" content=\"Ghanamma.com\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-19T18:51:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/06\/image-850.png\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"278\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Ghana News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/06\\\/19\\\/ghanas-gdp-grows-by-4-7-in-q1-2024-driven-by-mining-and-ict-sectors\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/06\\\/19\\\/ghanas-gdp-grows-by-4-7-in-q1-2024-driven-by-mining-and-ict-sectors\\\/\"},\"author\":{\"name\":\"Ghana News\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\"},\"headline\":\"Ghana\u2019s GDP grows by 4.7% in Q1 2024, Driven by mining and ICT sectors \u2013\",\"datePublished\":\"2024-06-19T18:51:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/06\\\/19\\\/ghanas-gdp-grows-by-4-7-in-q1-2024-driven-by-mining-and-ict-sectors\\\/\"},\"wordCount\":325,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/06\\\/19\\\/ghanas-gdp-grows-by-4-7-in-q1-2024-driven-by-mining-and-ict-sectors\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/image-850.png\",\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/06\\\/19\\\/ghanas-gdp-grows-by-4-7-in-q1-2024-driven-by-mining-and-ict-sectors\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/06\\\/19\\\/ghanas-gdp-grows-by-4-7-in-q1-2024-driven-by-mining-and-ict-sectors\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/06\\\/19\\\/ghanas-gdp-grows-by-4-7-in-q1-2024-driven-by-mining-and-ict-sectors\\\/\",\"name\":\"Ghana\u2019s GDP grows by 4.7% in Q1 2024, Driven by mining and ICT sectors \u2013 - 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