GDP in Ghana
Ghana - GDP
Growth picks up steam in the third quarter
According to provisional data released by Ghana’s Statistical Service, the economy expanded 7.4% in annual terms in the third quarter, a one-year high and up markedly from the 5.4% growth logged in the second quarter. Buoyant non-oil activity spearheaded the reading, pointing to the solid fundamentals of the Ghanaian economy.
All three key sectors of the economy posted an improvement in Q3. Industrial production growth accelerated, increasing 11.7% in annual terms, up from 11.1% in Q2, largely on the back of the booming mining and quarrying sub-sector which more than offset a contraction in the water supply, sewerage, waste management and remediation activities sub-sector. Furthermore, annual growth in the agricultural sector edged up to 5.5% in Q3, from 4.8% in Q2, against the backdrop of higher crop yields. Lastly, the services sector shifted into a much higher gear in the third quarter, expanding 3.5% year-on-year, up from a meagre 0.5% yoy increase in the previous quarter amid a marked expansion in the health and social work sub-sector.
In quarter-on-quarter seasonally-adjusted terms, the economy grew 1.8% in the third quarter, up from the previous quarter’s 1.3% increase.
Ghana GDP Forecast
FocusEconomics panelists expect GDP to expand 5.9% in 2019, which is down 0.3 percentage points from last month’s forecast, and 5.6% 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 |
Ghana GDP Chart
Source: Ghana Statistical Services
Ghana Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 5.18 | 0.0 % | Feb 14 |
| Stock Market | 0.1 | 0.0 % | Feb 14 |
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Economic News
Ghana: Inflation moderates to over five-year low in January
February 13, 2019
Consumer prices rose 1.0% in monthly terms in January, up slightly from December’s 1.1% increase.
Ghana: PMI slips in January
February 5, 2019
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) fell from a six-month high of 52.3 points in December to 51.6 in January.
Ghana: Bank of Ghana unexpectedly cuts the key rate to 16.00% in January
January 28, 2019
At its three-day meeting concluding on 25 January, the Monetary Policy Committee (MPC) of the Bank of Ghana (BOG) cut its policy rate by 100 basis points to a five-year low of 16.00%.
Ghana: Inflation ticks up in December
January 9, 2019
Consumer prices rose 1.1% in monthly terms in December, up slightly from November’s 0.7% uptick.
Ghana: PMI jumps in December
January 4, 2019
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) rose from 50.5 points in November to a six-month high of 52.3 points in December.
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