Ghana's GDP records 4% growth in third quarter 2016

Ghana's Gross Domestic Product (GDP) provisional growth in the third quarter of 2016 rose by 4 percent year-on-year. The GDP which includes oil for the 3rd quarter of 2016, grew by 4 percent compared to 3.5 percent in the same period of 2015

The 3.6 percent recorded a year ago was due to increased oil production, according to the Ghana Statistical Services (GSS)

Ghana's economy for some time now has seen growth at 8 percent annually on the back of its gold, oil and cocoa exports. But the rapid growth in 2013 slowed sharply, due to lower global commodities prices. The 4% all inclusive growth included the service sector which records the highest growth of 4.7 percent, followed by industry with 3.9 and agric 2.3 percent.

Meanwhile, the non-oil provisional GDP for the third quarter of 2016, grew by 4.6% compared to 4.1% recorded for the third quarter of 2015.

Data from the Ghana Statistical Service shows that the provisional estimate (including oil) for the third quarter of 2016 at current prices (including financial intermediation services indirectly measured) is GH¢44,608.1 million but the estimate for the same period in 2015 was GH¢37,351.3 million.

Also, the provisional estimate (excluding oil) for the third quarter of 2016 at current prices (including financial intermediation services indirectly measured) is GH¢43,786.8 million.

However, in the same period in 2015, the value was GH¢36,117.8 million.

The quarter-on-quarter seasonally adjusted 2016 quarter three GDP grew by 1.1% compared to 0.5% recorded for 2016 second quarter

With regards to the sector performance, the livestock sub-sector recorded the highest year-on-year growth rate of 5.6% while the fishing sub-sector recorded the lowest growth rate of 0.3%.

The Agric sector on his part recorded a year-on-year quarterly growth of 2.3 percent also the crops and forestry, and logging recorded a yearly growth rate of 2.2 and 1.9 percent respectively.

For Industry, its year-on-year GDP growth rate for the third quarter was 3.9 percent while the construction sub-sector recorded the highest year-on-year quarterly GDP growth rate of 16.3%, while the Water and Sewerage sub-sector recorded the lowest (-7.8%).

Meanwhile, for the third quarter of 2016, the Services sector recorded a year-on-year quarterly GDP growth rate of 4.7%.

The Transport & Storage sub-sector recorded the highest year-on-year quarterly GDP growth rate of 8.6% while the Community, Social and Other Personal Activities sub-sector recorded the lowest growth rate of -1.0%.