Ghana GDP Q1 2016


Ghana: Economy gains momentum in first quarter of 2016

June 22, 2016

In the first quarter of 2016, GDP expanded 4.9% over the same quarter of the previous year. The figure marked a pickup over the 4.1% growth observed in Q4 and marked the fastest expansion in five quarters.

According to the Ghana Statistical Service (GSS), the expansion in Q1 was mainly driven by a sharp increase in the services sector, which more than offset a contraction in the industrial sector. The industrial sector swung from a 7.2% annual expansion in Q4 to a 1.1% contraction in Q1. Growth in the services sector sped up from 5.2% in Q4 to 8.8% in Q1. The agricultural sector also expanded, but slowed from a 4.0% increase in Q4 to a 2.8% expansion in Q1.

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 Q116 0

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

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