Ghana’s economy grows by 7.4% in third quarter

Ghana recorded a 7.4 percent economic growth rate ending September 2018.

This is according to the third quarter estimates released by the Ghana Statistical Service.

The figure represents a decrease compared to the 8.7 percent recorded for the same period last year [2017].

For the third quarter of this year which spans July to September, the total value of all goods and services including oil reached 75 billion cedis; up from the 63.4 billion cedis recorded the same period last year.

But the total value of all goods and services produced within the period excluding oil, reached 72.5 billion cedis compared to the 60.9 billion cedis recorded in the same period last year.

Baah Wadieh, Acting Government Statistician

The Statistical service cited the contraction recorded in some sectors of the economy as contributing to the overall drop in economic growth between July and September.

These were the financial and insurance sector, real estate sector as well as the production of oil and gas.

Meanwhile in the agriculture sector, the crops sub sector recorded the highest growth of 1.6 percent, followed by the livestock subsector with 1.1 percent.

The fishing sub sector recorded the least growth rate of negative 0.3 percent.

In industry, mining and quarrying grew highest by 5.9 percent in the 3rd quarter of 2018.

Manufacturing as well as water supply, sewage and waste management followed with growth rates of 1.6 and negative 12 percent respectively.

For the services sector, health and social work grew by 6.1 percent, with information and Communication sub sector growing by 2.4 percent and the real estate subsector recorded negative 5.1 percent growth.

Source: Citi Business News

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