Second Quarter GDP Grows By 5.4 Per Cent - Gss

By Jemima Esinam Kuatsinu

Ghana's Gross Domestic Product (GDP) for the second quarter of 2018 grew by 5.4 per cent compared to 11.1 per cent recorded for the second quarter of 2017, the Ghana Statistical Service (GSS) has announced.

According to the GSS, the industry sector recorded the highest growth of 11.1 per cent , followed by agriculture which grew by 4.8 per cent while the services sector recorded 0.5 per cent growth.

The Acting Government Statistician, Mr Baah Wadieh said this in Accra when he presented the quarterly GDP for the second quarter of 2018 and the producer price index for September 2018.

The growth, according to Mr Wadieh was influenced by the health and social work, mining and quarrying and information and communication sectors which grew by 26.8, 24.7 and 14.6 per cent respectively .

He said the oil GDP estimate for the second quarter at current prices was GH71, 870. 3 million compared to GHc 62,734.7 million in the second quarter of 2017.

Mr. Wadieh also observed that the non-oil GDP was pegged at current prices was GHc 35,317.9 million compared to GHc 61.282.7 million in the second quarter of 2017.

He stated that " contraction was however observed in the financial and insurance activities grew by -13.4 per cent , professional, administrative and support services activities -5.9 per cent, water and sewerage-3.5 per cent, trade, repairs of vehicles, households good -5-9 per cent transport and storage -1.1 per cent and real estate -0.8 per cent."

Meanwhile producer price inflation rate for September 2018 has dropped from 7.0 per cent to 5.6 per cent.

The decrease according to Mr. Wadieh was to due to decreases in the producer price index rates in quarrying and mining and manufacturing sub sector.

He said the monthly change rate was 0.4 per cent.

The manufacturing sub-sector recorded the highest year-year producer price inflation rate of 8.3 per cent followed by the mining and quarrying with 0.4 per cent

The utilities sub-sector recorded the lowest year-on-year producer inflation of -0.2 per cent.

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