Ghana’s economy grew 7.2 per cent year-on-year in the third quarter (July to September) 2024 compared to 7.0 per cent in the second quarter, the Ghana Statistical Service said on Wednesday.
Seasonally adjusted, the provisional real Gross Domestic Product (GDP) increased by 1.7 percent in 2024 Q3 (July to September) compared to Q2 2024; this was 0.1 percentage points higher than what was recorded in 2024 Q2 (April to June).
Mining and Quarrying, Information and Communication, Crops, Construction, and Manufacturing, were the main drivers of GDP growth in 2024 Q3.
Fishing, Water and Sewerage, and Other Personal Service Activities were the main sub-sectors that contracted in 2024 Q3.
The provisional quarterly real GDP growth rate, including oil and gas (Overall GDP), was 7.2 per cent (year-on-year) in 2024 Q3, in the same quarter in 2023 growth was 2.2 percent.
The real GDP growth rate without oil and gas (Non-oil GDP) for 2024 Q3 was 7.7 per cent, which compares to a growth rate of 2.4 per cent in the same quarter last year.
The Services sector continues to be the largest sector of the Ghanaian economy in 2024 Q3 with a share of 42.9 per cent of GDP at basic prices.
The GDP shares of Industry and Agriculture were 32.6 per cent and 24.5 per cent, respectively.
The Industry sector recorded the highest real GDP growth of 10.4 per cent (year-on-year), followed by the Services sector at 6.4 percent, whilst the Agriculture sector recorded a growth rate of 3.2 per cent.
The seasonally adjusted GDP growth, where the Industry sector recorded the highest growth of 2.5 percent, followed by the Services sector at 1.5 percent, whilst the Agriculture sector recorded a growth rate of 0.7 percent.
The breakdown of sector contributions to total year-on-year real GDP growth in percentage points (p.p); the Industry sector made the highest contribution with 3.4 p.p., followed by Services with 2.8 p.p., and then Agriculture with 0.6 p.p.
The Agriculture sub-sector that. expanded the most was crops and the sub-sector, which contracted the most was Fishing.
The crops expanded by 5.9 per cent (year-on-year) and 1.3 per cent (quarter-on-quarter seasonally adjusted) in 2024 Q3 compared to the Fishing sub-sector which had a growth rate of -21.7 per cent (year-on-year) and -6.5 per cent (quarter-on-quarter seasonally adjusted).
The sectoral shares of 2024 Q3 GDP estimate (including Oil) are Service had 42.9 per cent representing GH₵106,280 million, agriculture; 24.5 per cent representing GH₵60,696million with industry having 32 per cent representing GH₵80,844million.
By Morkporkpor Anku
GNA
