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Business News Mon, 4 Oct 2010

Services sector displaces agric as biggest contributor to GDP

The services sector has displaced agriculture as the biggest contributor to national income, that’s according to the first ever half-year national income estimates released by the Ghana Statistical Service.

The estimate is based on actual records of economic activity that took place between January and June this year and offers a very good indication of how the economy will perform at the end of the year. Gross Domestic Product or GDP grew by 5.9 percent.

Going by the provisional estimates, the economy will have to perform much better if the 6.2 percent growth target estimated in the budget is to be realized.

According to the figures, the services sector contributed 36.1 percent compared to 35.6 percent by the agriculture sector. Industry’s contribution was 28.3 percent. Industry however recorded the highest growth of 7 percent, better than the 6.1 percent growth of the services sector and 4.8 percent recorded by the agric sector.

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Though the estimate is based on actual figures from the first half of the year, the Statistical Service prefers to present it as representative of the entire year.

Government Statistician, Dr. Grace Bediako is Chief told Joy Business the estimates are likely to change at the end of the year.

The GDP in nominal figures meanwhile is 25.6 billion Ghana cedis. This is the first time the Ghana Statistical Service is attempting to estimate economic growth with actual figures for the first half of the year before the year ends.

Dr. Bediako explained that the availability of the data will improve monitoring and planning.

Source: myjoyonline
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