Ghana’s economy grew by 7.4% in Q3

Ghana’s economy grew by 7.4% in Q3
Source: Ghana | Ebenezer Sabutey | JoyBusiness
Date: 19-12-2018 Time: 05:12:02:pm

Real Gross Domestic Product growth for the third quarter of 2018 stood at 7.4 per cent as compared to the 8.7percent recorded the same period last year.

This indicates a marginal reduction in annual growth over the period between 2017 and 2018.

Acting Government Statistician, Baah Wadieh disclosed at a press conference in Accra.

The Gross Domestic Product (GDP) measures the value of final goods and services produced in the country.

The industry sector recorded the highest growth of 11.7 per cent followed by the agricultural sector with a rate of 5.5 per cent.

The services sector had the least growth over the period with 3.5 per cent which can be attributed to some developments in the financial and insurance sub-sectors.

“The non-oil provisional 2018 Q3 year-on-year Real GDP growth rate is 8.5% compared to 4.9% recorded for 2017 Q3. Quarter-on-quarter seasonally adjusted 2018   Q3 GDP grew by 1.8%, compared to 1.3% growth rate recorded for 2018 Q2” Baah Wadieh said.

This means that the value of goods and services produced in the 3rd quarter of 2018 grew by 1.8% over the value recorded in the 2nd quarter of 2018.

The Q3 2018 GDP at current prices was estimated at GH₵75,008.4 million. The corresponding value recorded for Q3 2017 was GH₵63,477.7million.

In constant terms, the Q3 2018 GDP was estimated at GH₵39,299.4 million. For Q3 2017, the estimated value was GH₵36,605.6 million.
In a related development, Producer Price inflation for the month of November fell to 6.5 per cent.