- June 22, 2022
- Posted by: Amos Ekow Coffie
- Category: Economics
Ghana’s economy slowdown in growth in the first quarter of this year, compared to the same period last year, provisional data from the Ghana Statistical Service has revealed.
The economy recorded 3.3% Gross Domestic Product (GDP) growth rate, which was aided by some marginal expansion in the Services and Agriculture sectors.
In actual fact, this is the lowest growth rate recorded, post COVID-19. In the same period of 2021, the growth rate was 3.6%.
GDP growth rate without oil and gas (Non-Oil GDP) for first quarter of 2022 was 3.7% which compares to the same period in 2021 with a growth rate of 5.3%.
According to Government Statistician, Professor Samuel Kobina Anim, the Agriculture sector led the growth rate, expanding by 5.6%, followed by Services with a growth rate of 3.7% and industry with a GDP of 1.3%.
The Fishing sector recorded the highest growth rate of 26.1% in the Agriculture sector, followed by Livestock with 5.5% and Crops, 5.2%.
Forestry and Logging however contracted by 0.5%.
Within the Services sector, Information & Communication led the expansion, growing by 26.6%. Transport and Storage (6.4%), Hotel and Restaurants (5.3%), Finance & Insurance (4.2%), Other Personal Service Activities (3.1%) and Trade, Repair of Vehicle, Household Goods (2.3%) followed suit.
The sub-sectors that contracted were Professional, Administrative & Support (-12.8), Public Administration & Defence, Social Security (-9.8%), Real Estate (-2.6%), Education (-2.0%) and Health & Social Work (-1.0%).
For industry, Water Supply, Sewerage, Waste Management & Remediation Activities (25.4%) and Electricity (15.9%) were the sectors that expanded significantly. Manufacturing grew by 2.1%.
Construction was the only sector that contracted by 2.0%. This reflects the low investments in infrastructure as a result of the tight budget spending this year.
The GDP estimate at current prices in purchaser’s value for the 1st quarter of 2022 was estimated at ¢139.39 billion, compared to GH¢115.69 billion in the 1st quarter of 2021.
GDP sectoral shares
According to the GSS, the Services sector continue to remain the largest sector of the Ghanaian economy in the first quarter of 2022 with a share of 45% of GDP at basic prices.
The GDP share of Industry and Agriculture were 32% percent and 23% respectively.