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Business News of Wednesday, 11 May 2011

Source: GNA

Ghana's revised GDP growth in 2010 estimated at 7.7 per cent

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Accra, May 11, GNA - Ghana's Gross Domestic Product (GDP) almost double to 7.7 per cent in 2010, according to revised figures released by the Ghana Statistical Service.

The figures showed that the economy in 2010 outpaced the final growth estimate of four per cent in 2009 by 3.7 percentage points.

Dr Grace Bediako, Government Statistician, said in real terms the GDP estimate stood at GH¢24.187 billion up from GH¢22.454 billion in 2009.

The agriculture sector recorded growth of 5.3 per cent over the output of 2009 with all sub-sectors contributing positively to the increase.

Growth in the industry sector was 5.6 per cent in 2010 compared to 4.5 per cent in 2009.

Mining and quarrying grew by 7.6 per cent while manufacturing recovered from a negative growth of -1.3 per cent to register a rate of 7.6 per cent in 2010.

Electricity grew by 12.3 per cent, representing the highest growth in the sector while construction went up by 2.5 per cent, the lowest in the sector for 2010.

The services sector rose by 9.8 per cent in 2010 on the back of Information and Communication sub-sector, which recorded the highest growth of 24.5 per cent, business and other service activities contributed 23.1 per cent and the banking and insurance went up by 16.7 per cent.

Dr Bediako said the growth in the output of gold (6.8 percent), bauxite (27.1 per cent) and manganese (55.4 per cent) and increased activities by Volta Aluminium Company, Tema Oil Refinery, the establishments in the fabricated metals and chemical industries were some of the factors for the growth in industry.

Growth in electricity is explained by the high increase in thermal generation (47.1 per cent) while hydro generation increased by only 1.7 per cent.

Dr Bediako said increase in consultancy, legal, brokerage, and other business services, communication services wholesale and retail trade grew by 17 and 14 per cent respectively were some of the reasons for the growth of the services sector.

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