News

Sports

Business

Entertainment

GhanaWeb TV

Africa

Opinions

Country

Ghana's GDP increased by 2.9% in Q3 of 2022 - GSS

20883636 Finance Minister Ken Ofori-Atta

Thu, 22 Dec 2022 Source: classfmonline.com

Ghana provisional real Gross Domestic Product (GDP) in volume terms was estimated to have increased by 2.9 percent in quarter three (July to September) of 2022 compared to the same period in 2021, the Ghana Statistical Service (GSS) has disclosed.

When seasonally adjusted, Ghana’s real GDP increased by 0.7 percent in quarter three (July to September) of 2022; 0.3 percentage points lower than what was recorded in quarter two (April to June) of 2022.

The Mining & Quarrying, Information & Communication, Education, Crops, and Fishing sub-sectors were the main drivers of GDP growth for the third quarter of 2022.

Main sub-sectors with more than 10 percentage expansion in quarter three of 2022 are:

1. Information & Communication (18.4%)

2. Mining & Quarrying (14.9%)

3. Education, (10.2%)

Nine sub-sectors contracted in quarter three of 2022. These are:

1. Professional, Administrative & Support Service activities (-12.1%)

2. Other Personal Service Activities (-8.6%)

3. Manufacturing (-7.4%)

4. Construction (-7.0%)

5. Real Estate (-6.6%)

6. Hotels & Restaurants (-6.4%)

7. Trade (-2.4%)

8. Electricity (-3.9%).

9. Water (-3.0%)

GDP growth is the main indicator of economic performance.

There are three approaches used to measure GDP: the output approach, the expenditure approach, and the income approach.

Source: classfmonline.com
Related Articles: