Ghana’s Gross Domestic Product (GDP) for the first quarter of 2019 grew by 6.7% compared to 5.4% recorded for the first quarter of 2018.
According to the Ghana Statistical Service (GSS), non oil growth stood at 6 percent.
Speaking to the press on Wednesday, Government Statistician Prof Samuel Anim said, “Despite the industrial Sector recording the highest growth rate of 8.4 percent, the Information Communication and Technology sub sector increased growth from 16.3 percent to 37 percent, making it the highest contributor to the rate” .
Sectoral growth for Q1 of 2019
In the Agriculture sector, the livestock sub-sector recorded the highest year-on-year growth rate of 5.5 % while the Forestry and logging sub-sector recorded the lowest, with a contraction (-5.8 %).
The crops sub-sector grew by 2.4% in the 1st quarter of 2019, compared to 0.6% in the 1st quarter of 2018.
The fishing sub-sector recorded a growth of rate of -1.5 per cent within the Agriculture sector.
The year-on-year quarterly GDP growth rate for the Industry sector is 8.4% for 2019Q1.
The Mining & Quarrying sub-sector recorded the highest year-on-year quarterly GDP growth rate of 20.9% for 2019Q1, while the construction sub-sector recorded the lowest, with a contraction (-8.7%).
For the first quarter of 2019, the Services sector recorded a year-on-year quarterly GDP growth rate of 7.2%.
The Information & Communication sub-sector recorded the highest year-on-year quarterly GDP growth rate of 37.0% while the Finance & Insurance sub-sector recorded the lowest growth of 2.1%.
World Bank’s prediction
The World Bank earlier projected a 6.7 percent economic growth for the country in 2019, as it also projected oil production to dissipate.
“Growth in Ghana is forecast to moderate from 6.9 percent in 2018 to 6.7 percent in 2019 as the effects of high oil production dissipate,” The World Bank said.
Latest Stories
-
Let’s prioritize research quality in higher education institutions for industrial growth-Prof. Nathaniel Boso
7 hours -
Herman Suede is set to release ‘How Dare You’ on April 24
11 hours -
Heal KATH: Kuapa Kokoo, Association of Garages donate 120k to support project
11 hours -
KNUST signs MOU with Valco Trust Fund, Bekwai Municipal Hospital to build student hostel
11 hours -
The influence Ronaldo has on people, Cadman Yamoah will have same on the next generation – Coach Goodwin
12 hours -
Gender Advocate Emelia Naa Ayeley Aryee Wins prestigious Merck Foundation Awards
13 hours -
South Africa bursary scandal suspects granted bail
14 hours -
Ecobank successfully repays $500m Eurobond due April 18
14 hours -
Re: Doe Adjaho, Torgbui Samlafo IV, call for Unity among Paramountcies in Anlo
14 hours -
Extortion and kidnap – a deadly journey across Mexico into the US
14 hours -
Rihanna says fashion has helped her personal ‘rediscovery’ after having children
14 hours -
Development Bank Ghana targets GH¢1bn funding for commercial banks in 2024
14 hours -
Shatta Movement apologises to Ghana Society of the Physically Disabled after backlash
15 hours -
Sammy Gyamfi writes: Tema-Mpakadan Railway Project; A railway line to nowhere
15 hours -
Bright Simons: Is the World Bank saving or harming Ghana?
16 hours