A boat on the beach in Ghana

Ghana GDP Q2 2023

Ghana: GDP growth slows in Q2

According to provisional figures, GDP growth eased to 3.2% year on year in the second quarter, from a revised 3.3% in the first quarter. The figure was slightly below the expectations of market analysts. On a seasonally adjusted quarter-on-quarter basis, economic growth moderated to 0.7% in Q2, following the previous period’s 0.8% expansion.

The industrial sector contracted 1.9% annually in the second quarter, a less-pronounced drop than the first quarter’s 2.6% decrease. Meanwhile, the agricultural sector lost steam, growing 6.0% in Q2 (Q1: +6.4% yoy). Services sector growth was unchanged at Q1’s 6.3% in Q2.Growth in the second quarter was hampered by several factors, including the imposition of new taxes and increases in utility prices, which led to higher production costs, and frontloaded fiscal consolidation measures that are part of the country’s IMF deal.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest