GDP in Ghana
Ghana - GDP
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
FocusEconomics Consensus Forecast panelists expect GDP to expand 6.2% in 2020, which is unchanged from last month’s forecast. In 2021, panelists expect GDP to grow 5.4%.
Ghana - GDP Data
|Economic Growth (GDP, annual variation in %)||2.9||2.2||3.4||8.1||6.3|
5 years of economic forecasts for more than 30 economic indicators.
Ghana GDP Chart
Source: Ghana Statistical Services
|Exchange Rate||5.70||0.0 %||Jan 01|
|Stock Market||0.1||0.0 %||Dec 31|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
February 12, 2020
Consumer prices jumped 1.4% in January, accelerating from December’s 0.3% uptick and marking the highest reading since January 2018.
February 5, 2020
The Ghana Purchasing Managers’ Index (PMI) fell to 50.7 in January, from an 18-month high of 52.7 in December.
January 31, 2020
On 31 January, the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) decided to keep its key policy rate stable at 16.00%.
January 16, 2020
Consumer prices rose 0.3% in December, slowing from November’s 0.7% increase which had marked the highest reading since June.
January 6, 2020
The Ghana Purchasing Managers’ Index (PMI) ticked up to 52.7 in December, from 52.4 in November and marking a 18-month high.