Industry sector grows by 8.2% in Q2 of 2024 – GSS

The Year-on-Year change in the Index of Industrial Pro­duction (IIP) for the second quarter (Q2) of 2024 grew by 8.2 per cent, Ghana Statistical Service (GSS) has said.

By this on average, production in the industry sector grew by 8.2 per cent in 2024 on average compared to the second quarter in 2023.

The IIP measures changes over time in production volumes for the industry sector.

According to a report by GSS, the manufacturing sub-sector grew by 8.3 per cent in the second quarter of 2024 while mining and quarrying grew by 9.2 per cent in the same period.

The report said electricity and Gas declined by 1.4 per cent while water supply, sewage, and waste management grew by 1.2 per cent.

“The Quarter-on-Quarter change for the second quarter of 2024 was 0.3 per cent. This means that on average, production in the industry sector grew by 0.3 per cent in the second quarter of 2024 as compared to the first quarter of 2024,” it disclosed.

The report stated that, “The Year-on-Year change in IIP for the mining and quarrying sub-sec­tor was 9.2 per cent. This means that, on average, production in the mining and quarrying sub-sector grew by 9.2 per cent in Q2 of 2024 compared to Q2 of 2023. The Q-Q change in the IIP for this sub-sec­tor is 0.3 per cent. This means that, on average, production in the mining and quarrying sub-sector grew by 0.3 per cent in Q2 of 2024 compared to Q1.”

The report also noted that the manufacturing sector recorded Year-on-Year change in the IIP of 8.3 per cent.

Thus, production levels in the manufacturing sub-sector on aver­age grew by 8.3 per cent in Q2 of 2024 compared to Q2 of 2023.

Manufacture of other transport equipment recorded the highest growth (20.9 per cent), while the production of coke and refined petroleum products declined by 1.8 per cent.

The Quarter-on-Quarter change in IIP is 0.7 per cent, indicating that on average, production in the manufacturing sub-sector grew by 0.7 per cent in Q2 compared to Q1 of 2024.

The manufacture of basic met­als has the highest Q-Q growth in production volume (18.5 per cent). In contrast, manufacture of food products experienced the highest Q-Q decline (-12.3 per cent) in production.

“The Year-on-Year change in the IIP for Electricity and Gas is -1.4 per cent. Thus, production for this sub sector declined by 1.4 per cent in Q2 of 2024 compared to Q2 of 2023. The Quarter-on-Quar­ter change in the IIP for this sector is -4.3 per cent. This means that, on average, production in the Electric­ity and gas sub-sector declined by 4.3 per cent in Q2 compared to Q1 of 2024,” the report revealed.

The Year-on-Year change in the IIP for the Water Supply, Sewage, and Waste Management is 1.2 per cent. Thus, production in the Water Supply, Sewage, and Waste Manage­ment sub-sector on average, grew by 1.2 per cent in Q2 of 2024 as compared to Q2 of 2023. The Q-Q change in the IIP for this sub-sec­tor is 2.8 per cent.

Thus, relative to Q1 of 2024, the IIP in this sub-sector increased by 2.8 per cent in Q2. Waste col­lection experienced a drop in Q2 production (-4.8 per cent) com­pared to the last quarter (0.9 per cent). GCB empowers Micro and Small Enterprises.

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