GSS confirms 2016 GDP at 3.5%
The Ghana Statistical Service(GSS) has announced that provisional Gross Domestic Product (GDP) figures for 2016 was 3.5 percent.
According to the service, the value of the GDP in the period represents of GHS36.0 billion.
President Nana Akufo-Addo during the State of the Nation Address announced that Ghana missed almost all the fiscal targets set by the International Monetary Fund(IMF), by growing below 3.6 percent.
Speaking at a press conference, the Acting Government Statistician Mr. Baah Wadieh disclosed that the Services sector recorded the highest growth of 5.7 percent.
“For Agriculture we have a growth rate of 3.0 percent, for industry we have -1.4 percent and for services we recorded a growth rate of 5.7 percent,” he said.
On the fourth quarter of 2016 figures, Mr. Wadieh announced that the growth rate increased by 4.1 percent on year–on-year basis.
This is compared to 3.9 percent recorded in the fourth quarter of 2015.
“The value of the GDP for the fourth quarter was 47.5 billion cedis compared to 38.8 billion cedis in the fourth quarter of 2015. The Non-oil GDP estimate at current prices for the fourth quarter of 2016 was GHS46,092.5 million compared to GHS 37,703.5 million in the fourth quarter of 2015”
On GDP at Constant 2006 Prices, Mr. Wadieh stated that the Oil GDP estimate at Constant 2006 prices for the fourth quarter of 2016 was GhS10, 018.5 million compared to GHS9,620.3 million in the fourth quarter of 2015.
“The Non-oil GDP at constant 2006 prices for the fourth quarter of the 2016 was GHS9, 414.0 million compared to GHS9, 081.3 million in the fourth quarter off 2015,” he said.