Business News of 2014-01-23

GSS releases GDP for third quarter of 2013

Ghana’s real Gross Domestic Product (GDP) for the third quarter of 2013 grew by 0.3 per cent (year-on-year) compared to the 6.1 per cent recorded in the second quarter.

Dr Philomena Nyarko, Government Statistician, who disclosed this on Wednesday at a news conference in Accra said the services sector recorded the highest growth of 6.7 per cent, while agriculture and industry sectors, followed with negative growth rates of 3.8 per cent and 11.8 per cent respectively.

She said key findings of the performance of activities in the third quarter of 2013 compared with the third quarter of 2012 by economic activities were electricity production expanded by 16.3 per cent and hotel and restaurant activities increased by 10.4 per cent.

The rest are financial and insurance activities increased by 29.6 per cent, public administration was 30.1 per cent and information and communication increased by 19.3 per cent.

The Government Statistician observed that seasonally adjusted quarter-on-quarter estimates of the real GDP grew by 0.5 per cent in the third quarter of 2013 over the estimates of 3.9 per cent for the second quarter of 2013.

She said the most notable performances were public administration, 11.0 per cent, financial and insurance activities, 10.4 per cent, electricity, 9.3 per cent, hotel and restaurant activities, 7.5 per cent and crops and cocoa, 2.2 per cent.

Dr Nyarko said in the agriculture sector, economic activity in crops and cocoa sub-sector reflected a positive growth of 2.2 per cent over the 1.5 per cent recorded in the second quarter of 2013. This she attributed to the seasonal pattern of crops harvesting.

She said economic activities in the mining and quarrying sub-sector within the industry sector recorded a growth of -14.7 per cent over the growth of 3.7 per cent recorded in the second quarter of 2013.

She explained that this was due to a decline in the production of oil by 16.0 per cent as a result of a planned operational maintenance in the Jubilee field.

Dr Nyarko said in addition, the production of gold and diamond declined by 29.7 per cent and 2.9 per cent respectively over the second quarter.

She said the manufacturing sub-sector recorded a negative growth of 4.7 per cent over the second quarter’s negative growth rate of 19.8 per cent.

This, she also said was partly due to lower production of food and beverages, refined petroleum products, and manufacture of paper and paper products.

She said there were increases in the production of electricity by 9.3 per cent, hotel and restaurant activities by 7.5 per cent, financial and insurance activities by 10.4 over the second quarter of 2013 (2.0 per cent, 2.1 per cent and -0.3 per cent respectively).

Dr Nyarko noted that most of the sub-sectors, especially in the services sector such as education, financial and insurance activities, health, hotels and restaurants, information and communication activities, showed no evidence of seasonality.

She said for the third quarter of 2013, the nominal GDP estimate at current prices was GH¢ 24, 990.96 million, adding that the non-oil GDP at current prices for the third quarter of 2013 was GH¢ 23, 274.57 million.

She said the sectoral contribution in the third quarter of 2013, were agriculture, 30.4 per cent, industry, 23.3 per cent, and services, 46.3 per cent.

The Government Statistician said the GDP deflator for the third quarter was 304.3 per cent relative to the base year, 2006; declaring that the quarter-on-quarter change in the deflator was 2.7 per cent; whilst the year-on-year change in the deflator was 32.2 per cent.