Ghana Economy Expands 4% YoY in Q3
The GDP in Ghana expanded 4 percent year-on-year in the third quarter of 2016, following a downwardly revised 2.3 percent growth in the preceding quarter. The expansion was boosted by the services sector and a recovery in industrial output after resumption of oil production from the Jubilee field. A year earlier, GDP growth was lower at 3.5 percent.
The industry sector recovered and went up 3.9 percent, following a 6.5 percent contraction in Q2. Output advanced for construction (+16.3 percent from -1.7 percent in Q2), electricity (+3.9 percent from 11.7 percent in Q2) and mining and quarrying (1.2 percent from -29 percent in Q2) but contracted for manufacturing (-6 percent from 13 percent in Q2) and water and sewerage (-7.8 percent from -8.1 percent in Q2).
The services sector rose less by 4.7 percent (5.7 percent in Q2), boosted by transport and storage (+8.6 percent from 9 percent in Q2), trade (4.1 percent, the same as in Q2), information and communication (+7.4 percent from 13.1 percent in Q2) and public administration, defense and social security (+6.1 percent from 3.8 percent in Q2).
On a quarterly basis, the economy advanced 1.1 percent, compared with 0.5 percent growth in the previous quarter.
Agriculture grew at a slower 2.3 percent (3.6 percent).
The GDP advanced 3.9 percent in 2015, the lowest pace in 15 years. The government expects the economy to expand 4.1 percent in 2016 and around 8 percent in 2017 as new offshore oil and gas comes onstream.
12/29/2016 2:37:44 PM