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.
Author: Dirina Mançellari, Senior Economist