2018 Third Quarter: GSS Announces 7.4% Growth in Economy

The Ghana Statistical Service (GSS) has announced that the country recorded a 7.4 percent economic growth rate in the third quarter of 2018.

The figure represents a decrease, compared to the 8.7 percent recorded for the same period last year.

In its third quarter estimate released yesterday, GSS indicated that the total value of all goods and services, which includes oil, reached GH¢75 billion; up from the GH¢63.4 billion recorded the same period last year.

However, the total value of goods and services produced within the period, excluding oil, reached GH¢72.5 billion compared to the GH¢60.9 billion recorded in the same period last year.

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, whiles the services sector had the least growth over the period with 3.5 per cent.

This, according to GSS 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,” a statement from GSS said.

Meanwhile, in the agriculture sector, GSS indicated that the crops sub-sector recorded the highest growth of 1.6 percent, followed by the livestock subsector with 1.1 percent.

“The fishing sub sector recorded the least growth rate of negative 0.3 percent. In industry, mining and quarrying grew highest by 5.9 percent in the 3^rd quarter of 2018.”

Manufacturing, as well as water supply, sewage and waste management followed with growth rates of 1.6 and negative 12 percent respectively.

For the services sector, health and social work grew by 6.1 percent, with information and Communication sub sector growing by 2.4 percent and the real estate subsector recorded negative 5.1 percent growth.

By: Emmanuel Yeboah Britwum