Ghana's GDP to grow at 7.4 per cent

Ghana's economy is expected to grow provisionally at 7.4 per cent for the year, the Ghana Statistical Service said on Wednesday.

Speaking at a media conference, Dr Philomena Nyarko, Government Statistician said it is likely government could achieve its target growth in 2013 on expected increases in oil production.

Government has projected eight per cent growth. Dr Nyarko said real quarterly Gross Domestic Product (GDP) growth for the second quarter of the year grew by 6.1 per cent year-on-year.

Non-oil GDP was 5.8 per cent, while the total value and services amounted to $44.2 billion with a per capita income of $1,667, she said. Dr Nyarko said the services remain the largest sector, contributing about half of the GDP.

The services sector, growth rate however fell to 9.2 per cent from 10.2 per cent in 2012 on the account of positive increases in information and communication activities, real estate, professional, administrative and support service activities.

This was followed by the industry sector 2.5 per cent while the agriculture sector showed a negative growth of 3.9 per cent. Meanwhile the annual producer price inflation fell for the fifth consecutive month to 4.7 per cent year-on-year in August from 5.0 per cent in July.