Ghana's economy beat most analysts’ forecasts, expanding by 4.2% in the first quarter 2023, the Ghana Statistical Service has disclosed.

This is far higher the 3.1% recorded during the same period in 2022.

According to the GSS, Public Administration, Defense & Social Security (37.6%); Health & Social Work (31.6%); Education (26.0%) and Information & Communication (18.9%) drove the growth rate.

The Services sector recorded the highest growth rate of 10.1%, followed by the Agriculture sector with a growth rate of 4.8%. However, Industry contracted by 3.2%.

Seven sub-sectors contracted in quarter one of 2023. They are Water Supply, Sewerage, Waste Management & Remediation Activities (- 6.4%); Construction (-6.0%);  Wholesale and retail trade; repair of motor vehicles and motorcycles (-5.3%);  Fishing (-3.3%);  Mining and quarrying (-2.9%);  Manufacturing (-2.5%)  and Hotels and Restaurants (-0.2%).

For the Services sector, nine sub-sectors expanded. They were led by Public Administration, Defense & Social Security (37.6%); Health & Social Work (31.6%); Education (26.0%) and Information & Communication (18.9%).

Trade, Repair of Vehicle and Household Goods (-5.3%) and Hotel & Restaurants (-0.2%), however, contracted.

With regard to Agriculture, Livestock (6.6%); Crops and cocoa (5.2%) and Forestry & Logging (1.5%) recorded positive growth rate. Fishing, however, contracted by 3.3%.

With the exception of Electricity (3.5%), all the other four sub-sectors contracted within the Industry sector.

Services sector remains largest sector with a share of 47%

Meanwhile, the Services sector continued to remain the largest sector of the Ghanaian economy in the first quarter of 2023 with a share of 47%.

Industry followed with 32%, whilst the Agriculture sector constituted 21%.