Ghana’s economy grew 7.4 percent year-on-year in the third quarter of 2018, following a 5.4 percent expansion in the previous period. It was the strongest growth rate since the third quarter of 2017, mostly driven by the industry and services sectors. GDP Annual Growth Rate in Ghana averaged 6.68 percent from 2000 until 2018, reaching an all time high of 25 percent in the first quarter of 2012 and a record low of -1.60 percent in the third quarter of 2015.

GDP Annual Growth Rate in Ghana is expected to be 6.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Ghana to stand at 6.40 in 12 months time. In the long-term, the Ghana GDP Annual Growth Rate is projected to trend around 5.60 percent in 2020, according to our econometric models.

Ghana GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-04-11 12:00 PM GDP Growth Rate YoY 8.1% 9.7% 7.9%
2018-06-27 11:00 AM GDP Growth Rate YoY 6.8% 8.1% 7.8%
2018-10-17 03:15 PM GDP Growth Rate YoY 5.4% 5.4% 6.5%
2018-12-20 11:00 AM GDP Growth Rate YoY 7.4% 5.4% 5.5%
2019-04-11 12:00 PM GDP Growth Rate YoY 7.4% 6.7%
2019-06-27 11:00 AM GDP Growth Rate YoY 7%
2019-10-17 03:15 PM GDP Growth Rate YoY 7%



Ghana Annual GDP Growth at 1-Year High in Q3

Ghana’s economy grew 7.4 percent year-on-year in the third quarter of 2018, following a 5.4 percent expansion in the previous period. It was the strongest growth rate since the third quarter of 2017, mostly driven by the industry and services sectors.

The services sector advanced 3.5 percent, higher than a 0.5 percent growth in the second quarter of the year, boosted by a rebound in professional administrative & support (7.2 percent from -5.9 percent in Q2); transport & storage (4.3 percent from -1.1 percent) and trade, repair of vehicle and household goods (2.9 percent from -1.5 percent). Also, output rose faster in health & social work (28.4 percent from 26.8 percent); education (5.7 percent from 2.0 percent) and hotels & restaurants (5.4 percent from 4.3 percent). In addition, output fell at a softer pace in finance & insurance (-8.8 percent from -13.4 percent). On the other hand, output growth slowed in information & communication (9.9 percent from 14.6 percent); public administracion & defence & social security (2.0 percent from 4.2 percent) and personal service & activities (2.2 percent from 6.7 percent) while contracted further in real estate (-16.7 percent from -0.8 percent).

The industrial sector grew 11.7 percent, faster than a 11.1 percent expansion in Q2, mainly driven by manufacturing (6.5 percent from 2.7 percent). In contrast, output growth slowed in mining & quarrying (23.9 percent from 24.7 percent); electricity (5.6 percent from 9.0 percent) and construction (0.9 percent from 2.0 percent). Additionally, output shrank for oil & gas (-4.4 percent from 12.1 percent) and water & sewerage (-4.9 percent from -3.5 percent).

Agriculture increased 5.5 percent, after a 4.8 percent gain in the previous quarter, mostly due to crops & cocoa (6.8 percent from 4.8 percent) and livestock (5.7 percent from 5.6 percent). Meanwhile, output contracted in fishing (-0.8 percent from 2.7 percent)and growth slowed in forestry & logging (0.3 percent from 4.0 percent).

On a quarterly basis, the GDP advanced 1.8 percent, after expanding 1.3 percent in the prior period.


Ghana Statistical Service | Stefanie Moya | stefanie.moya@tradingeconomics.com
12/20/2018 11:35:59 AM



Ghana GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.80 1.30 7.40 -2.20 percent [+]
GDP Annual Growth Rate 7.40 5.40 25.00 -1.60 percent [+]
GDP 47.33 42.80 47.81 1.22 USD Billion [+]
GDP Constant Prices 38006.30 37332.86 130410.40 4269.40 GHS Million [+]
Gross Fixed Capital Formation 33744.92 34380.55 34380.55 3562.21 GHS Million [+]
GDP per capita 1813.80 1708.80 1813.80 701.50 USD [+]
GDP per capita PPP 4227.60 3982.80 4227.60 1919.60 USD [+]
GDP From Agriculture 7209.81 6267.93 8353.76 5322.00 GHS Million [+]
GDP From Construction 3587.37 3264.24 3587.37 1016.30 GHS Million [+]
GDP From Manufacturing 4736.59 4490.79 4736.59 1801.31 GHS Million [+]
GDP From Mining 6829.13 6357.49 6829.13 497.40 GHS Million [+]
GDP From Public Administration 1215.90 1259.98 1397.19 862.14 GHS Million [+]
GDP From Services 14095.43 14673.13 14673.13 8690.40 GHS Million [+]
GDP From Transport 1936.45 2198.14 3653.00 1471.80 GHS Million [+]
GDP From Utilities 185.15 184.57 273.00 148.34 GHS Million [+]


Ghana GDP Annual Growth Rate

Services is the largest sector of the Ghanaian economy, accounting for 52 percent of the GDP. Within services, the most important sub-sectors are: transport and storage (10 percent); information and communication (9.8 percent); trade, repair of vehicles and household goods (7 percent) and financial and insurance activities; education and public administration & defense and social security (4 percent each). Also, industry accounts for 26 percent of the GDP with mining and quarrying (10 percent); construction (8 percent) and manufacturing (7 percent). Agriculture accounts for 22 percent, mainly crops (17 percent). On the expenditure side, household consumption is the main component of the GDP and accounts for 81 percent of its total use, followed by gross fixed capital formation (11 percent); government expenditure (10 percent) and changes in stocks (2 percent). Exports of goods and services account for 48 percent of GDP while imports for 52 percent, subtracting 4 percent of total GDP. This page provides the latest reported value for - Ghana GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Ghana GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on January of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
7.40 5.40 25.00 -1.60 2000 - 2018 percent Quarterly
Constant Prices 2013, NSA




Country Last Previous
India 7.10 Sep/18
China 6.50 Sep/18
Indonesia 5.17 Sep/18
United States 3.00 Sep/18
Australia 2.80 Sep/18
Mexico 2.50 Sep/18
Saudi Arabia 2.50 Sep/18
Netherlands 2.40 Sep/18
Spain 2.40 Sep/18
Switzerland 2.40 Sep/18
Singapore 2.20 Dec/18
Canada 2.10 Sep/18
South Korea 2.00 Sep/18
Euro Area 1.60 Sep/18
Turkey 1.60 Sep/18
Russia 1.50 Sep/18
United Kingdom 1.50 Sep/18
France 1.40 Sep/18
Brazil 1.30 Sep/18
Germany 1.10 Sep/18
South Africa 1.10 Sep/18
Italy 0.70 Sep/18
Japan 0.00 Sep/18
Argentina -3.50 Sep/18


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