Ghana GDP


Ghana: Economy decelerates further in Q2 despite jump in industrial production

October 14, 2015

In Q2, GDP expanded 3.9% over the same quarter last year. The figure marked a deceleration over the revised 4.3% growth observed in the previous quarter (previously reported: +4.1% year-on-year). Q2’s result marked the slowest increase in a year.

According to the Ghana Statistical Service (GSS), the expansion in Q2 was mainly driven by an increase in industry that expanded an impressive 15.3% over the same quarter of last year (Q1: +3.4% year-on-year). In addition, the services sector accelerated from a 4.1% increase in Q1 to a 5.3% rise in Q2. Conversely, agricultural production swung from a 3.6% expansion in the first quarter to a 0.1% contraction in the second quarter, thus recoding the first decrease in four quarters.

The government expects the economy to expand 3.9% in 2015 and 6.9% in 2016. FocusEconomics Consensus Forecast panelists project that the economy will grow 3.5% in 2015, which is down 0.4 percentage points from last month’s forecast. For 2016, the panel expects GDP to expand 5.4%.

Author:, Senior Economist

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Ghana GDP Chart

Ghana GDP Q215

Note: Year-on-year changes of GDP in %.
Source: Ghana Statistical Service and FocusEconomics Consensus Forecast

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