The country’s economy has seen an impressive growth in second-quarter of the year, as figures released by the Ghana Statistical Service (GSS) show it grew by 4.8%; thereby minimising growth concerns for the year amid a challenging economic environment.
Per the data, this represents an increase from 3.4% during the first quarter and is a 0.6 percentage point higher than the same period in 2021 at 4.2%.
The services sector recorded the highest growth rate of 5.2%, followed by the agriculture sector with a growth of 4.6% and the industry sector with a 4.4%.
In absolute terms, the real GDP – including oil and gas – estimated for second-quarter 2022 was GHC41.21 billion compared to GHC39.3 billion in second quarter 2021. Worth noting is the decline in real GDP (in values) from first-quarter 2022’s GHC46.83 billion.
The services sector continues to be the largest sector of the Ghanaian economy with a share of 45.8% of GDP at basic prices. The GDP share of industry and agriculture were 32.1% and 22.1% respectively.
Quarterly growth
The agriculture sector’s quarterly seasonally adjusted growth rates decreased from 1.5% in the first quarter of 2022 to 1% in the second quarter.
From 4.7% in the first quarter of 2022 to 1.7% in the second quarter, the fishing subsector saw a fall of 3 percentage points. The crops and cocoa subsectors saw a slowdown in growth, going from 1.3% in the first quarter of 2022 to 1%.
Growth in the livestock subsector fell slightly, from 1.3% in the first quarter of 2022 to 1.2%. In the second quarter of 2022, the forestry and logging subsector experienced a 0.1% rate of contraction.
Manufacturing increased by 1.8% in the second quarter compared to a growth of 0.6% in the first quarter.
The mining and quarrying sub-sector increased from -0.7% in the first quarter to 1%.
In comparison to the -0.6% reported in the first quarter of 2022, the construction sub-sector saw growth of 0.1% in the second quarter.
However, there was contraction in the following sectors: electricity (-0.5%); and water supply, sewerage, waste management, and remediation activities (-0.6%).
Health and social work activities and education subsectors in the services sector saw growth rates of 3.3 and 3.1% in the second quarter of 2022, compared to 1.3 and 1.1% in the first quarter respectively. Compared to growth of 6% in the first quarter of 2022, the information and communication sub-sector saw a decline to 2.6% in the second quarter.
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