Ghana GDP


Ghana: Economy slows in Q4

May 21, 2015

In Q4, GDP expanded 4.6% over the same quarter last year. The figure marked a significant deceleration over the 10.4% growth observed in the previous quarter. Q3’s result had marked the fastest increase in over a year.

According to the Ghana Statistical Service (GSS), the expansion in Q4 was driven by an acceleration in the agriculture sector, which expanded 7.0% over the same quarter of the previous year (Q3: +4.4% year-on-year). In addition, the services sector grew 8.2% in Q4, which was an improvement over the 3.5% increase seen in the third quarter. On the contrary, industry contracted 2.7%, thus contrasting the 8.1% expansion recorded in the previous quarter.

Revised data released by the GSS show that the economy grew 4.0% in full year 2014 (previously reported: +4.2% year-on-year), which marked a notable deceleration from the 7.3% expansion observed in 2013 and represented the slowest pace of growth in five years.

The government expects the economy to expand 3.9% in 2015 and 6.9% in 2016. FocusEconomics Consensus Forecast panelists project that the economy will grow 4.0% in 2015, which is down 0.4 percentage points from last month’s forecast. For 2016, the panel expects GDP to expand 5.4%.

Author:, Senior Economist

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Ghana GDP Chart

Ghana GDP Q414

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

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