Ghana GDP Q4 2015


Ghana: Economy gains momentum in final quarter of 2015

April 27, 2016

In the fourth quarter of 2015, GDP expanded 4.9% over the same quarter of the previous year. The figure marked a pickup over the 3.7% growth observed in Q3 and marked the fastest expansion in five quarters. In the full year 2015, GDP expanded 3.9%, which was marginally down from 2014’s 4.0% increase.

According to the Ghana Statistical Service (GSS), the expansion in Q4 was mainly driven by a turnaround in the industrial sector coupled with a pickup in the services sector, which more than offset a weaker agricultural sector. The industrial sector rebounded from a 1.8% annual contraction in Q3 to a 7.2% expansion in Q4. On top of this, growth in the services sector sped up from 4.2% in Q3 to 5.2% in Q4. Conversely, the agricultural sector slowed from a 5.9% expansion in Q3 to a 4.0% rise in Q4.

The government expects the economy to expand 5.4% in 2016. FocusEconomics Consensus Forecast panelists expect the economy to expand 4.4% in 2016, which is unchanged from last month’s estimate. For 2017, the panel projects the economy to expand 6.5%.

Author: Teresa Kersting, Economist

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Ghana GDP Chart

Ghana GDP Q415

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

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