{"id":264356,"date":"2024-12-12T08:05:16","date_gmt":"2024-12-12T08:05:16","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/12\/12\/ghana-records-7-2-growth-in-q3-2024\/"},"modified":"2024-12-12T08:05:16","modified_gmt":"2024-12-12T08:05:16","slug":"ghana-records-7-2-growth-in-q3-2024","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/12\/12\/ghana-records-7-2-growth-in-q3-2024\/","title":{"rendered":"Ghana records 7.2% growth in Q3 2024"},"content":{"rendered":"
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\u00a0Ghana\u2019s economy in the third quarter this year provisionally grew by 7.2 per cent, the highest quar\u00adter-on-quarter growth rate since 2019.<\/p>\n
Growth rate in the second quarter 2019 stood at 9.1 per cent.<\/p>\n
Without oil the economy in the third quar\u00adter grew provisionally at 7.7 per cent.<\/p>\n
The value of the Ghanaian economy in the third quarter at constant prices stood at GH\u00a248.2 billion and non-oil at GH\u00a245.5 billion.<\/p>\n\u2022 Professor Samuel K. Annim briefing the media Photo: Seth<\/figcaption><\/figure>\n
At current prices the value of the country\u2019s economy stood at GH\u00a2270.1 billion and non-oil at GH\u00a2254 billion.<\/p>\n
Addressing a news conference in Accra yesterday on the Ghana 2024 Third Quar\u00adter Gross Domestic Product Estimates, the Government Statistician, Professor Samuel K. Annim said the third quarter 2024 growth was driven by industry.<\/p>\n
Industry in the third quarter 2024 grew by 10.4 per cent from 9.4 per cent the previous quarter.<\/p>\n
Prof. Annim explained that industry\u2019s growth was driven by mining and quarrying which grew year-on-year by 17.1 per cent.<\/p>\n
\u201cThe mining and quarrying sector has been recording steady growth from 8.3 per cent in the fourth quarter 2023, 12.9 in first quarter 2024 and 14.8 per second quarter this year,\u201d Prof. Annim stated.<\/p>\n
\u201cThe growth in mining and quarrying is driven by gold which recorded a growth rate of 34.0 per cent in the third quarter from 24.9 per cent in the previous quarter,\u201d Prof. Annim stated.<\/p>\n
He said the construction sector grew by 10.3 per cent and electricity at 3.8 per cent and oil and gas sector contracted by 0.6 per cent, a reversal of the 14.6 and 13.8 per cent growth rate recorded in the second and first quarters 2024 respectively.<\/p>\n
The Government Statistician said growth rate in water and sewerage fell by 3.0 per cent.<\/p>\n
Prof. Annim said the services sector grew by 6.4 per cent in the third quarter this year from 5.7 per cent in the second quarter.<\/p>\n
The services sector growth was influenced by information and communication which grew by 17.1 per cent in the period under review and financial and insurance services at 7.8 per cent.<\/p>\n
However, the Government Statistician said other personal service activities which con\u00adtracted by 3.4 per cent dragged the growth of the services sector.<\/p>\n
Prof. Annim said agriculture contracted in the third quarter 2024.<\/p>\n
He said the growth of the sector fell to 3.2 per cent in the third quarter 2024 from 6.0 per cent in the previous quarter.<\/p>\n
Prof. Annim said the crop sector which grew by 5.9 per cent drove the agriculture growth rate.<\/p>\n
He said the livestock sector grew by 4.8 per cent in the third quarter, while cocoa and fishing growth rates fell by 26.0 and 21.7 per cent respectively.<\/p>\n
The Government Statistician said cocoa had contracted for the fifth consecutive time from 0.4 per cent from third quarter 2023 to third quarter 2024.<\/p>\n
\u00a0Ghana\u2019s economy in the third quarter this year provisionally grew by 7.2 per cent, the highest quar\u00adter-on-quarter growth rate since 2019. Growth rate in the second quarter 2019 stood at 9.1 per cent. Without oil the economy in the third quar\u00adter grew provisionally at 7.7 per cent. The value of the Ghanaian economy in the […]<\/p>\n","protected":false},"author":1,"featured_media":264357,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-264356","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"\n
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