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.
Author: Dirina Mançellari, Senior Economist