Ghana’s economy records 8.1% growth in 2017 – GSS

Following a re-base, the economy of Ghana has recorded a growth rate of 8.1 per cent in 2017 up from 3.4 per cent in the previous year, 2016.

This was contained in provisional rebased Gross Domestic Product (GDP) figures from 2013 to 2017 released by the Ghana Statistical Service (GSS).

For the fifth year running, the Agriculture sector contributed the least to GDP among the three major sectors of the economy. Agriculture, Industry and Services contributed 21.2, 33.2 and 45.6 per cent respectively – a dip from 22.7 and 46.7 percent respectively in 2016. Industry however, recorded an increase of 2.6 per cent from 30.60 in 2016 to 33.20 per cent.

Considering rebased 2017 GDP at 2013 constant prices, the provisional rebased 2017 GDP  estimate including, oil at 2013 constant prices is GH¢145,438 million and GH¢134,160 million, excluding oil.

The year-on-year GDP growth rate for Agriculture is 6.1 per cent for 2017. The crop sub-sector recorded the highest year-on-year growth rate of 7.2 per cent while the fishing sub-sector recorded the lowest growth rate of negative 1.4 per cent.  Cocoa production  recorded a 9.2 per cent rate in 2017.

The year-on-year annual GDP growth rate for the Industry sector is 15.7 per cent in 2017, while the mining and quarrying sub-sector recorded the highest year-on-year annual GDP growth rate of 30.8 per cent for 2017 and the construction sub-sector recorded the lowest, 5.1 per cent.

For the year 2017, the services sector recorded a year-on-year GDP growth rate of 3.3 per cent. The health and social work sub-sector recorded the highest year-on-year GDP growth rate of 14.1 per cent while the financial and insurance activities sub-sector recorded the lowest growth rate of negative 17.7 per cent.

The informal sector contributed GH¢73,325 million to GDP at current prices in 2017.

The data presented by Acting Government Statistician, Mr Baah Wadieh, shows that per capita GDP  in 2017 was GH¢8,863 from GH¢7,597 in 2016.

It was also estimated that Ghana’s population as at 2017, stood at 28.96 million.

By Bismark Elorm Addo
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