Ghana's economy records 2.0% expansion in third quarter of 2023

Recent provisional estimates from the Ghana Statistical Service indicate that there has been an expansion of the economy by 2.0% in the third quarter of 2023.

This expansion is lower than the 2022 average Gross Domestic Product (GDP) growth rate of 5% and 2.7%, recorded pre-pandemic.

The Agricultural and Services sectors also expanded by 5.9% and 2.0% respectively according to the Ghana Statistical Service. However, the Industry contracted by 4.3%.

All sectors in Agriculture except Forestry and Logging expanded by 6.9%, with the Crops sector registering the highest growth rate of 7.0%.

All the 10 sub-sectors in the Services sector expanded.

With a GDP growth rate of 17.3%, the Information and Communication sub-sector was the highest, this was followed by Accommodation and Food Services Activities which recorded a GDP growth rate of 11.2%.

Additionally, the Industry sub-sectors recorded -8.3% in Construction, -8.1% in Minning and Stone Quarrying, -1.8% in Electricity, and 2.1% in Manufacturing.

With a share of 42.1%, the Services sector remains the biggest, considering the size of the economy. They are followed by Industry and Agriculture with shares of 33.0 and 24.9% respectively.

The nominal Gross Domestic Product estimate at current prices in quarter 3, 2023 was estimated at GH¢212.36 billion.



SS/MA

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