A boat on the beach in Ghana

Ghana GDP Q3 2019

Ghana: Growth ticks down in Q3

Annual growth inched down to an over one-year low of 5.6% in the third quarter, according to a preliminary estimate released by Ghana’s Statistical Institute on 18 December. The print was slightly below the second quarter’s 5.7% expansion and marked the fourth consecutive quarter of softening growth. In quarter-on-quarter seasonally-adjusted terms, growth remained stable at the second quarter’s 1.4%.

The second quarter result chiefly reflected cooling dynamics in the industrial and services sectors, which more than offset an upturn in agricultural activity. Growth in industrial sector output slumped to a near three-year low of 5.7% year-on-year in Q3 (Q2: +6.1 yoy), largely due to faltering mining and quarrying output. In a similar fashion, the services sector lost traction in the quarter (Q3: +5.7% yoy; Q2: +6.5% yoy), amid a marked downturn in retail trade and repair activities.

That said, agricultural output accelerated to a two-year high in the third quarter (Q3: +5.9% yoy; Q2: +3.1% yoy). This was chiefly thanks to more favorable weather conditions and higher farmgate prices for cocoa—Ghana’s key commodity export—which prevented a sharper slowdown in overall activity growth in Q3.

Looking ahead, growth is expected to remain healthy next year. Domestic demand is set to benefit from increasing public spending and solid consumer demand. In addition, investment activity should pick up further following this year’s expected rebound. Volatile commodity prices and fiscal slippage ahead of next year’s elections remain risks to the outlook, however

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