Home Business Economy expands by 4.8% in quarter 2, 2022

Economy expands by 4.8% in quarter 2, 2022


Ghana’s economy expanded by 4.8% in the second quarter of this year, higher than the 3.4% recorded in the first quarter, data from the Ghana Statistical Services has revealed.

The appreciable growth rate was driven by Manufacturing (8.8%), Crops and Cocoa (4.5%), Mining and Quarrying (4.4%), Information and Communication (12.4%) as well as the Education (13.2%) sub-sectors.

For the sectors, the Services sector (5.2%) expanded more than the national average. It was followed by Agriculture (4.6%) and Services (4.4%).

Nine sub–sectors within the Services sector recorded growth rates.

However, two contracted. They were Real Estate (-5.7%) and Professional Administrative and Support(-11.0%).

Similarly, three sub-sectors within the Agriculture sector expanded during the period. They were Fishing (7.8%), Livestock (5.8%) and Crops and cocoa (4.5%).

Forestry and Logging however contracted with a growth rate of -0.2%.

Also, Manufacturing (8.8%), Mining and Quarrying (4.4%) and Construction (0.4%) sub-sectors expanded.

However, Electricity (-2.2%) and Water Supply, Sewerage, Waste Management and Remedial Activities (-2.7%) contracted.

Services sector remains largest sector of economy

The Services sector continued to be the largest sector of the Ghanaian economy in the second quarter of 2022 with a share of 45.8% of GDP. The GDP share of Industry and Agriculture were 32.1% and 22.1% respectively.

The Gross Domestic Product (GDP) estimate at current prices for the 2nd quarter 2022 was estimated at 13.26 billion.

This is compared with 102.32 billion during the same period in 2021.

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