GDP in Ghana

Ghana GDP | Economic News & Forecasts

Ghana - GDP

Growth ticks down in Q1 but rapid nonetheless

According to a preliminary estimate released by Ghana’s Statistical Institute, the economy expanded 6.7% year-on-year in the first quarter of the year, down slightly from the previous quarter’s 6.8% increase. In a similar fashion, in quarter-on-quarter, seasonally-adjusted terms, growth moderated slightly from 1.7% to 1.6%.

The industrial sector once again spearheaded the overall expansion, although it lost some stride from the previous quarter (Q1: +8.4% year-on-year; Q4: +8.9% yoy). Surging mining and quarrying output reflected strong dynamics in the oil industry, which, coupled with healthy outturns in the electricity and manufacturing sub-sectors, more than offset a sharp slump in construction activity.

Meanwhile, the services sector accelerated at the fastest rate since Q4 2015 (Q1: +7.2% yoy; Q4: +5.8% yoy), led by the information and communication, as well as health and social work sub-sectors. On a less positive note, growth in the agricultural sector halved (Q1: +2.2% yoy; Q4: +4.4% yoy), marking a three-year low. The deterioration reflected moderate growth in crop output and a contraction in forestry and logging activity.

Looking ahead, the economy should sustain a strong pace of expansion again this year, thanks to solid export growth and robust domestic demand. Fluctuations in global commodity prices and lower-than-anticipated oil production remain key risks to the outlook, however.

FocusEconomics panelists expect the economy to expand 6.3% in 2019, which is up 0.1 percentage points from last month’s forecast, and 6.0% in 2020.

Ghana - GDP Data

2013  2014  2015  2016  2017  
Economic Growth (GDP, annual variation in %)7.3  4.0  3.8  3.7  8.5  

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Ghana GDP Chart

Ghana GDP
Note: GDP, annual variation in %.
Source: Ghana Statistical Services

Ghana Facts

Exchange Rate5.390.0 %Jun 20
Stock Market0.40.0 %Jun 20

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