GDP soars by 4.1 per cent in first quarter

Ghana's economy grew 4.1 per cent for the first three months of 2015 compared to a negative 3.8 per cent during the same period last year.

“The year-on-year quarterly Gross Domestic Product (GDP) growth rate for the first quarter of 2015 is 4.1 per cent compared to a revised rate of -3.8 percent for the first quarter of 2014,” government statistician, Dr Philomena Nyarko told journalists on Wednesday.

The agriculture sector recorded the highest growth rate of 7.4 per cent, followed by the services, which registered 4.7 per cent, whiles the industrial sector recorded a growth rate of 0.9 per cent.

The main growth drivers included information and communication, livestock, water and sewerage, public administration, defence and social security as well as health and social services.

“I think the energy crisis was more pronounced last year, we are now seeing increase in public administration, livestock, and communication,” Dr Nyarko said.

However, the revised annual GDP growth rate for 2014 remained at 4 per cent.

The provisional quarter on quarter seasonally adjusted real GDP growth rate for the first three months of 2015 was pegged at 0.9 per cent, slowing from a revised figure of 1.2 per cent in 2014.