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Business News of Wednesday, 22 April 2020

Source: Class FM

Ghana's economy grew by 6.5 % in 2020 – Ghana Statistical Service


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Ghana’s economy grew by 6.5% in 2019, according to revised estimates by the Ghana Statistical Service.

This is against 6.3% and 8.1% Gross Domestic Product (GDP) in 208 and 2017, respectively.

For non-oil GDP, the economy grew by 5.8% GDP.

According to the GSS, GDP per capita income increased from GHS10,150 in 2018 to GHS11,541 in 2019.

But in dollar term, the per capita income reduced by US$2 from US$2,214 in 2018 to US$2,212 in 2019.

From the measurement of the economy, the Services sector recorded the highest growth rate of 7.6%, followed by Industry with 6.4% and Agriculture, 4.6%.

Importantly, the services sector remains the largest sector of the economy. Its share of GDP increased from 46.3% in 2018 to 47.2% in 2019.

The sector's GDP growth rate increased from 2.7% in 2018 to 7.6% in 2019 and contributed 2.8 percentage points (43.4%) to the 2019 annual growth rate of 6.5%.

Two of the sub-sectors in this sector contributed more than 5% to the 2019 annual growth rates. These are the Information and Communication with a growth rate of 46.5% and a contribution of 1.0 percentage points (15.7%) to annual growth and the Trade; Repair of Vehicles, Household Goods sub-sector (3.7%) which contributed 0.4 percentage point to annual GDP growth.

The Industry sector contributed 2.4 percentage points (37.5%) to 2019 annual GDP growth rate, though its share of GDP at basic prices increased by 0.2% from 34.0% in 2018 to 34.2% in 2019.

The main driver of 2019 GDP growth was the Mining and Quarrying subsector, with a growth rate of 12.6% and contribution to the growth of 2.0 percentage points (31.2%).

There was, however, contraction in the Construction (-4.4%) and Water and Sewerage, Waste Management & Remediation Activities (-4.4%).

On the other hand, the agriculture sector grew by 4.6% in 2019 compared to a growth rate of 4.8 percent in 2018.

Its share of GDP declined from 19.7% in 2018 to 18.5% in 2019.

The crops sector is the third-largest activity in Ghana with a share of 13.8% of GDP and contributed 0.7 percentage points to 2019 annual GDP growth.

The forestry and logging sub-sector contracted (-1.7%) having recorded 2.4% in 2018

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