Provisional estimates from the Ghana Statistical Service show that the economy expanded by 2.0% in the third quarter of 2023.

This is lower than the pre-pandemic (covid-19) average Gross Domestic Product (GDP) growth rate of 5% and the 2.7% recorded during the same period in 2022.

For non-oil GDP, the economy grew at a rate of 2.1%.

According to the figures from the GSS, the Agriculture and Services sectors expanded by 5.9% and 2.0% respectively. However, Industry contracted by 4.3%.

For the Agric sector, all the sub-sectors expanded except Forestry and Logging which contracted by 6.9%. The Crops sub-sector registered the highest growth rate of 7.0%.

All the 10 sub-sectors in the Services sector expanded.

Information and Communication sub-sector registered the highest GDP growth rate of 17.3%. It was followed by Accommodation and Food Services Activities (11.2%)

With regard to Industry, the Construction (-8.3%), Mining and Quarrying (-8.1%) and Electricity (-1.8%) sub-sectors contracted. Interestingly, the Manufacturing sector grew at a rate of 2.1%.

In terms of the size of the economy, the Services sector continued to remain the largest sector of the Ghanaian economy with a share of 42.1%. Industry and Agriculture came 2nd and 3rd respectively with shares of 33.0 and 24.9%.

The nominal GDP estimate at current prices in quarter 3, 2023 was estimated at ¢212.36 billion.