Ghana GDP Q3 2015


Ghana: Economy decelerates further in Q3

January 21, 2016

In the third quarter, GDP expanded 3.6% over the same quarter of the previous year. The figure marked a deceleration over the 3.8% growth observed in the previous quarter and the slowest increase in over a year.

According to the Ghana Statistical Service (GSS), the expansion in Q3 was mainly driven by a rebound in the agriculture sector, which increased 3.2% on an annual basis (Q2: -0.9% year-on-year). Conversely, growth in industry slowed from 4.5% in Q2 to 3.6% in Q3, which marked the slowest increase in three quarters. In addition, the service sector grew only 4.9% in the third quarter, which was a slowdown over the impressive 10.9% increase recorded in the second quarter.

According to preliminary estimates released by the Ghana Statistics Service (GSS), the economy has likely shown growth of 4.1% in 2015. The figure marks an improvement over the 4.0% increase seen in the previous year. Moreover, the non-oil GDP grew 4.2% last year, which is also an improvement over the 3.9% growth tallied in 2014.

The government expects the economy to expand 5.4% in 2016. FocusEconomics Consensus Forecast panelists expect the economy to expand 4.7% in 2016, which is down 0.1 percentage points from last month’s estimate. For 2017, the panel projects the economy to expand 6.4%.

Author:, Senior Economist

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Ghana GDP Chart

Ghana GDP Q315

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

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