Ghana's economy expanded by 4.7% of GDP in Q1 2024 – GSS

In the first quarter of 2024, Ghana’s economy experienced growth, with the industry sector showing its best performance in 19 quarters.

According to recent provisional figures released by the Ghana Statistical Service, Ghana’s Gross Domestic Product (GDP) is estimated to have increased by 4.7% in the first quarter of 2024 (January to March) compared to the same quarter a year ago, and by 1.2% compared to the fourth quarter of 2023 (October to December).

Government Statistician Samuel Kobina Annim, addressing journalists in Accra, attributed the growth of the economy in the first quarter of 2024 to Mining & Quarrying (12.9%), Information & Communication (17.9%), Crops (4.3%), Construction (8.2%), and Accommodation and Food Service Activities (9.4%).

In terms of sub-sectors that contracted in the first quarter of 2024, Health and Social Work contracted by (-8.8%), Electricity (-7.5%), Public Administration, Defense, and Social Security (-5.3%).

Other sub-sectors such as Education (-4.9%), Other Personal Service Activities (-2.9%), and Forestry & Logging (-1.2%) all experienced contraction during the period.

“The Services sector continues to be the largest sector of the Ghanaian economy in Q1 2024, with a share of 45.6% of GDP at basic prices. The GDP share of Industry and Agriculture were 30.6% and 23.8%, respectively,” the report said.

“Compared to the same quarter last year, growth in Agriculture was 4.1% in Q1 2024. In the Industry sector, growth was 6.8% compared to Q1 2023, and in the Services sector, growth was 3.3%. Quarter-on-quarter growth was 1.1%, 1.8%, and 0.9%, respectively,” it added.

MA/NOQ

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