Ghana’s economy expands 6.7% in first quarter of 2019

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Ghana’s economy grew 6.7 per cent year-on-year in the first three months of 2019 compared to 5.4 per cent in the same period last year, the Ghana Statistical Service said on Wednesday.

The quarter-on-quarter seasonally adjusted growth rate was 1.6 percent compared to 1.7 per cent for the last three months of 2018, Professor Samuel Kobina Annim, Government Statistician said at a News briefing.

Non-oil growth for the first quarter stood at 6.0 per cent year-on-year compared to 4.2 last year.

For the first quarter of 2019, the Services sector expanded 7.2 per cent year-on-year with the information and communication sub-sector recording the highest year-on-year quarterly GDP growth rate of 37.0 per cent.

On the other hand, the Finance and Insurance sub-sector recorded the lowest growth of 2.1 per cent, Prof. Annim said.

The year-on-year quarterly GDP growth rate for Agriculture is 2.2 per cent for the first quarter of 2019.

The livestock sub-sector recorded the highest year-on-year growth rate of 5.5 per cent, while the Forestry and logging sub-sector recorded the lowest, with a contraction of 5.8 per cent.

The year-on-year quarterly GDP growth rate for the Industry sector is 8.4 per cent for the first quarter of 2019.

The Mining and Quarrying sub-sector recorded the highest year-on-year quarterly GDP growth rate of 20.9 per cent for the period, while the construction sub-sector recorded the lowest, with a contraction of 8.7 per cent.

Meanwhile, the Producer Price Inflation fell slightly to 6.7 percent in May from 7.1 per cent in April.

The Mining and Quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 15.1 per cent, followed by the manufacturing sub-sector with 6.2 per cent.

The utilities sub-sector recorded the lowest year-on-year producer inflation of 1.1 per cent.

-GNA

ABOUT: Nana Kwesi Coomson

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An Entrepreneur, Corporate Communications Executive and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. He holds first degree in Bachelor of Arts from the University of Ghana; Political Science (major) and History (minor). In 2015, he won a £35,000 postgraduate scholarship to study MSc Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) at the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track. His mentors are Rupert Murdoch, Warren Buffet, Sam Jonah, Kwaku Sakyi Addo and Piers Morgan

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