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.