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.