Ghana’s economy grows by 3.9% in 2nd Quarter of 2021

Must Read

Ghana’s economy expanded by 3.9% in the second quarter of this year, according to provisional figures from the Ghana Statistical Service.

During the same period last year where Covid-19 had emerged, the Gross Domestic Product (GDP) growth rate was -5.7%.

However, GDP growth rate without oil and gas (Non-Oil GDP) for second quarter 2021 was 5.2%, which is against a growth rate of -5.8% recorded the same period last year.

Job Seekers’ Corner: Advertised vacancies in various newspapers today; September 15

According to the figures, the increase in the Gross Domestic Product (GDP) growth rate was driven by a strong pick-up in the Services and Agriculture sectors.

The Health and Social Work (20.75%), Information and Communication Technology (20%), Hotel and Restaurants (18.7%) as well as Fishing (12.7%) Sub-sectors expanded significantly.

Importantly, the Services sector recorded the highest growth of 11.0% and was followed by the Agriculture sector with a growth of 5.5%. The Industry sector however contracted by 4.3%.

For the Agriculture sector, Forestry and Logging, Livestock and Crops registered growth rates of 11.9%, 5.7% and 4.5% respectively.

Extraordinary ECOWAS Summit: Details of all roads to be blocked tomorrow; September 16

With regard to industry, Water supply, Sewerage, Waste Management and Remediation Activities registered growth rate of 20.5%, whilst Electricity, Manufacturing and Construction registered GDP of 9.5%, 8.3% and 2.4%.

Real Estate (13.8%); Education (11.8%);  Trade, Repair of Vehicle, Household Goods (10.7%); Transport and Storage (7.6%); Public Administration & Defence, Social Security (6.6%) and Finance and Insurance (5.1%) also recorded expansion in their sub-sectors.

Government Statistician, Professor Samuel Kobina Annim, told Joy Business that the growth rate could have been higher, but for the contraction in industry, which was influenced by a shrink in the mining and quarrying sub sector.

The GDP estimate at current prices in purchaser’s value for the 2nd quarter of 2021 was estimated at ¢101.94 billion compared to ¢88,470.1 million in the 2nd quarter of 2020.

However, the non-oil GDP (GDP without Oil and Gas) estimate at current prices for the 2nd quarter of 2021 was ¢97.48 billion compared to ¢85.66 billion in the 2nd quarter of 2020.

Rev. Owusu Bempah finally granted bail

GDP sectoral shares

The Services sector was the largest sector of the Ghanaian economy in the second quarter of 2021 with a share of 50% of GDP at basic prices.

The GDP share of Industry and Agriculture were estimated at 29% and 21% respectively.

Submit your stories or articles to or Whatsapp them to +233 553620623

- Advertisement -


Latest News

I was neither kidnapped nor pregnant – Takoradi woman allegedly confesses to police

Police say, Josephine Panyin Mensah, the woman currently being detained in the Western Region for alleged kidnapping and pregnancy,...

More Articles Like This

%d bloggers like this: