GDP growth rate exceeds target; increases by 4.8%

Ghana’s economy has expanded by 4.8% year-on-year in the second quarter of 2022.

“Provisional real quarterly gross domestic product (QGDP) growth rate, including Oil and Gas, is 4.8 percent (year on year) in the second quarter of 2022. In the same period of 2021, the growth was 4.2 percent.”

Data from the Ghana Statistical Services shows that this growth was driven by growth in the fishing, manufacturing and education services sub-sectors, with the services sector recording the highest growth of 5.2 percent.

The figure which was announced by the Government Statistician shows that the growth rate of the economy exceeds the revised 2022 Gross Domestic Product (GDP) growth rate of 3.7 percent.

Meanwhile, GDP growth rate without oil and gas (Non-Oil GDP) for the second quarter of 2022 is 6.2 percent which compares to the same period in 2021 with a growth rate of 6.6 percent.

The Services sector recorded the highest growth of 5.2 percent, followed by the Agriculture sector with a growth of 4.6 percent and the Industry sector with a 4.4 percent growth rate.

Real quarterly GDP

Constant or Real GDP is the value of final goods and services evaluated at base year prices. In Ghana, the base year is 2013. By using the prices from the base-year (or holding prices constant over time), the impact of rising prices on GDP is eliminated in order to get a measure of “Real” economic activity.

The GSS data revealed that the GDP (Including Oil & Gas) estimated at constant 2013 prices for the second quarter of 2022 was GH¢41,205.5 million, compared to GH¢39,304.6 million in the 2nd quarter of 2021.

The Non-oil GDP at constant 2013 prices for the second quarter of 2022 was GH¢38,976.1 million compared to GH¢36,690.0 million in the 2nd quarter of 2021.

Nominal quarterly GDP

Current or Nominal GDP is the value of final goods and services evaluated at current quarter prices.

The GDP estimate at current prices in purchaser’s value1 for the 2nd quarter of 2022 was GH¢132,263.5 million compared to GH¢102,326.5 million in the 2nd quarter of 2021.

The Non-oil GDP (GDP without Oil and Gas) estimate at current prices for the 2nd quarter of 2022 was GH¢123,080.4 million compared to GH¢97,227.9 million in the 2nd quarter of 2021.

On a sectoral basis, the Services sector continued to be the largest sector of the Ghanaian economy in the period under review with a share of 45.8 percent of GDP at basic prices.

The GDP share of Industry and Agriculture were 32.1 percent and 22.1 percent respectively.