Home Business Ghana’s overall economy grew by 6.7% in Q1 of 2019

Ghana’s overall economy grew by 6.7% in Q1 of 2019


The Info & Communication sub-sector recorded the maximum year-on-12 months quarterly GDP advancement price of 37.%

Ghana’s Gross Domestic Solution (GDP) for the initial quarter of 2019 grew by 6.7% when compared to 5.4% recorded for the very first quarter of 2018.

In accordance to the Ghana Statistical Provider (GSS), non oil expansion stood at 6 %.

Speaking to the press on Wednesday, Authorities Statistician Prof Samuel Anim mentioned, “Despite the industrial Sector recording the optimum progress price of 8.4 p.c, the Information and facts Communication and Know-how sub sector improved advancement from 16.3 per cent to 37 percent, generating it the highest contributor to the rate” .

Sectoral development for Q1 of 2019

In the Agriculture sector, the livestock sub-sector recorded the highest yr-on-calendar year advancement fee of 5.5 % whilst the Forestry and logging sub-sector recorded the most affordable, with a contraction (-5.8 %).

The crops sub-sector grew by 2.4% in the 1st quarter of 2019, in contrast to .6% in the 1st quarter of 2018.

The fishing sub-sector recorded a progress of rate of -1.5 for every cent within the Agriculture sector.

The yr-on-year quarterly GDP development amount for the Market sector is 8.4% for 2019Q1.

The Mining & Quarrying sub-sector recorded the highest year-on-12 months quarterly GDP growth rate of 20.9% for 2019Q1, when the design sub-sector recorded the cheapest, with a contraction (-8.7%).

For the initially quarter of 2019, the Companies sector recorded a 12 months-on-yr quarterly GDP progress level of 7.2%. 

The Data & Interaction sub-sector recorded the best yr-on-yr quarterly GDP growth amount of 37.% even though the Finance & Insurance policies sub-sector recorded the least expensive progress of 2.1%.

Earth Bank’s prediction

The World Financial institution earlier projected a 6.7 percent financial growth for the country in 2019, as it also projected oil production to dissipate.

“Growth in Ghana is forecast to average from 6.9 percent in 2018 to 6.7 percent in 2019 as the results of superior oil output dissipate,” The World Financial institution explained.

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