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

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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.

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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.

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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.

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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.

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