Ghana GDP Q4 2017


Ghana: Growth momentum maintained in Q4

April 11, 2018

A provisional estimate released by Ghana’s Statistical Service on 11 April shows that the economy finished last year on strong footing. GDP expanded 8.1% in annual terms in the final quarter of 2017, decelerating slightly from the previous quarter’s multi-year high of 9.7%. As a result, in 2017 the Ghanaian economy surged 8.5%, the highest pace in five years and more than double the previous year’s rate of 3.7%.

The breakdown of the fourth quarter results confirms that that the industrial sector continued to drive the overall economy in the period. Industrial production growth accelerated to 17.5% year-on-year in Q4 (Q3: +16.6% yoy) on the back of astonishing growth of mining and quarrying output, which rose 43.9% year-on-year in the quarter (Q3: +40.8% yoy). Meanwhile, agricultural output increased 8.5% in annual terms in Q4 (Q3: +10.0% yoy), led by a robust 9.7% increase in the yield of crops.

The performance of the services sector was comparatively more moderate, with a marginal expansion in the fourth quarter (Q4: +3.4% yoy) that was notably below Q3’s 5.7% growth. Robust double-digit growth in several sub-sectors, including health and social work; education; and information and communication, was nearly completely offset by meager expansions in the finance and insurance; trade and repair of vehicles; and household goods sub-sectors, as well as a contraction in the public administration, defense and social security category.

Looking ahead, the strength of the oil sector will be key to sustaining robust economic growth in 2018; oil production jumped around 80.0% in 2017, with oil and gas quoted as the key driver of economic growth by government officials. Nevertheless, continued expansion of non-oil sectors, an anticipated moderation of inflationary pressures, and a continued commitment to narrowing deficit and debt levels will all be instrumental to spurring sustainable economic growth in the short and medium term.

FocusEconomics Consensus Forecast panelists expect the economy to expand 7.1% in 2018, which is unchanged from last month’s forecast, and 6.1% in 2019.

Author:, Research Team Manager

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Ghana GDP Chart

Ghana GDP Q4  2017

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

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