2020 Q1: Economy grows by 4.9% as agric sector expanded by 2.8%

The Ghana Statistical Service (GSS) has revealed. Ghana’s economy grew by 4.9% in the first quarter of 2020, compared to a growth rate of 6% of Gross Domestic Product the same period in 2019.

The GSS, the Services sector recorded the highest growth rate of 9.5% followed by the Agriculture sector which expanded by 2.8% and the Industry sector by 1.5%.

The main sub-sectors driving GDP growth in January to March 2020 GDP were Information & Communication, Manufacturing, Education and Public Administration & Defence, Social Security.

Importantly, the services sector was the main driver of Gross Domestic Product growth contributing 3.6 percentage points to an overall GDP growth rate of 4.9% in quarter one, 2020.

From the figures above, the services sector GDP particularly was not impacted by COVID-19 in the first quarter because the lockdown took place on the last day of March 2020.

In the Services sector, Information and communication grew by 17.1% in the 1st quarter of 2020 compared to 14.6% in the 4th quarter of 2019.

The Real Estate, however, slowed to 3.8% in the 1st quarter of 2020 from 6.8% recorded in the 4th quarter of 2019.

Compared to the 4th quarter of 2019, the Public Administration & Defence, Social Security expanded to 3.3% in 2020Q1.

There were contractions in the sub-sectors: Trade, Repair of Vehicle, Household Goods (-1.0%) and the Professional, Administrative & Support (-1.5%) sub-sectors.

Within the Industry sector, the Electricity sub-sector recorded 4.1% GDP in the First quarter of 2020, compared to 2.6% growth recorded in the 4th quarter of 2019.

Water Supply, Sewerage, Waste Management & Remediation Activities sub-sector grew by 2.5% in quarter one of 2020, compared to -0.5% in the 4th quarter of 2019. Manufacturing sub-sector grew by 1.3% in the 1st quarter of 2020, compared to 1.8% in the 4th quarter of 2019.

The Mining and Quarrying sub-sector, however, slowed to 0.3% in the 1st quarter of 2020, from 1.6% recorded in the 4th quarter of 2019

Construction recorded the least growth rate of the growth rate of -1.7% in the First quarter of 2020 compared to -0.6% in the 4th quarter of 2019.

In the Agriculture sector, Fishing sub-sector grew by 2.6% in the First quarter of 2020, compared to 2.2% in the 4th quarter of 2019.

The Livestock subsector recorded a 1.3% growth rate compared to 1.7% growth rate recorded in the 4th quarter of 2019.

The Crops sub-sector grew by 0.6% in the 1st of 2020, compared to 2.0% in the 4th quarter of 2019. Read Full Story