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.
Author: Dirina Mançellari, Senior Economist