Services sector registers highest growth rate to GDP

Ghana’s services sector has displaced other sectors in the economy as the leading contributor to Gross Domestic Product (GDP) for the year ending 2012, exceeding its target for the years.

Mr Seth Emmanuel Terkper, Minister of Finance, said this during a presentation of the 2013 budget in parliament.

According to Mr Terkper, the Services Sector which is the largest sector of the economy accounted for 49.3 per cent of GDP in 2012, recording the highest growth rate in the year under review.

He said the sector exceeded its 2012 target of 7.7 per cent by 1.1 percentage points to register a growth rate of 8.8 percent.

The major components of the sector were reviewed under industry, Mining and Quarrying, Crude Oil, Manufacturing, Electricity, Water and Sewerage and Construction.

The Finance Minister said the sub-sectors which contributed to the remarkable performance including Hotels and Restaurants, recorded 13.6 per cent while Transport and Storage netted 11.4 per cent.

Financial Intermediation contributed 11.4 per cent with Information and Communication registering 12.1 per cent, and Business Services listing 13.5 per cent GDP, he added.