Ghana GDP

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Ghana: Economy decelerates in Q1

June 22, 2015

In Q1, GDP expanded 4.1% over the same quarter last year. The figure marked a deceleration over the revised 4.5% growth observed in the previous quarter (previously reported: +4.6% year-on-year). Q1’s result marked the slowest increase in three quarters.

According to the Ghana Statistical Service (GSS), the expansion in Q1 was mainly driven by an increase in the agriculture sector, which expanded 7.4% over the same quarter of the previous year (Q4: +3.8% yoy). In addition, industry swung from a 0.1% contraction in Q4 to a 0.9% expansion in Q1. Conversely, the service sector decelerated to a 4.7% increase in Q1, which was down from the 9.2% expansion seen in the previous quarter.

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 Q115

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


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