Ghana's economy expanded by 4.8% in the second quarter of this year, higher than the 3.4% recorded in the first quarter, data from the Ghana Statistical Services has revealed.

The appreciable growth rate was driven by Manufacturing (8.8%), Crops and Cocoa (4.5%), Mining and Quarrying (4.4%), Information and Communication (12.4%) as well as the Education (13.2%) sub-sectors.

For the sectors, the Services sector (5.2%) expanded more than the national average. It was followed by Agriculture (4.6%) and Services (4.4%).

Nine sub–sectors within the Services sector recorded growth rates.

However, two contracted. They were Real Estate (-5.7%) and Professional Administrative and Support(-11.0%).

Similarly, three sub-sectors within the Agriculture sector expanded during the period. They were Fishing (7.8%), Livestock (5.8%) and Crops and cocoa (4.5%).

Forestry and Logging however contracted with a growth rate of -0.2%.

Also, Manufacturing (8.8%), Mining and Quarrying (4.4%) and Construction (0.4%) sub-sectors expanded.

However, Electricity (-2.2%) and Water Supply, Sewerage, Waste Management and Remedial Activities (-2.7%) contracted.

Services sector remains largest sector of economy

The Services sector continued to be the largest sector of the Ghanaian economy in the second quarter of 2022 with a share of 45.8% of GDP. The GDP share of Industry and Agriculture were 32.1% and 22.1% respectively.

The Gross Domestic Product (GDP) estimate at current prices for the 2^nd quarter 2022 was estimated at 13.26 billion.

This is compared with 102.32 billion during the same period in 2021.