Ghana's economy advanced 6.8 percent year-on-year in the fourth quarter of 2018 compared to a 7.4 percent expansion in the previous period, amid slowdowns in the industrial sector and agriculture. Considering the full year of 2018, the GDP grew 6.3 percent compared to 8.1 percent in 2017. 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 7.30 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 6.80 in 12 months time. In the long-term, the Ghana GDP Annual Growth Rate is projected to trend around 5.40 percent in 2020, according to our econometric models.

Ghana GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
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%
2019-04-17 10:40 AM GDP Growth Rate YoY 6.8% 7.4% 6.7%
2019-06-19 11:00 AM GDP Growth Rate YoY 6.8% 7%
2019-09-18 03:15 PM GDP Growth Rate YoY 7.3%
2019-12-18 11:00 AM GDP Growth Rate YoY 8.0%



Ghana GDP Annual Growth Weakens to 6.8% in Q4

Ghana's economy advanced 6.8 percent year-on-year in the fourth quarter of 2018, slowing from a 7.4 percent expansion in the previous period, mainly hit by a sharp decline in the oil and gas sector. Considering the full year of 2018, the GDP grew 6.3 percent compared to 8.1 percent in 2017.

The industrial sector grew 8.9 percent, slower than a 11.7 percent expansion in Q3, hampered by sharp declines in oil & gas (-7.2 percent vs -4.4 percent) and water supply (-7.3 percent vs -4.9 percent) and a slowdown in manufacturing (1.9 percent vs 6.5 percent). Meanwhile, faster growth was recorded in construction (2.5 percent vs 0.9 percent) and electricity supply (6.3 percent vs 5.6 percent). Mining activity remained solid overall (20 percent vs 23.9 percent).

Agriculture expanded 4.4 percent, lower than a 5.5 percent rise in the previous quarter, as production rose less for crops & cocoa (6.5 percent vs 6.8 percent) and livestock (5.0 percent vs 5.7 percent). In addition, output shrank in forestry & logging (-1.1 percent vs 0.3 percent) and fishing (-19.1 percent vs -0.8 percent). Cocoa output grew 3.7 percent, the same pace as in the previous period.

Services advanced 5.8 percent, quickening from a 3.5 percent growth in the third quarter, driven by gains in information & communication (12.3 percent vs 9.9 percent); trade, repair of vehicle and household goods (8.6 percent vs 2.9 percent); public administration, defense & social security (7.3 percent vs 2.0 percent); finance & insurance (2.1 percent vs -8.8 percent) and other personal services activities (4.4 percent vs 2.2 percent). On the other hand, growth eased in transport & storage (3.2 percent vs 4.3 percent); hotels & restaurants (1.1 percent vs 5.4 percent); professional, administrative & support service activities (5.6 percent vs 7.2 percent); education (4.0 percent vs 5.7 percent) and health & social work (12.5 percent vs 28.4 percent).

On a quarterly basis, the GDP advanced 1.7 percent, after expanding 1.8 percent in the previous quarter.


Ghana Statistical Service | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
4/18/2019 11:05:21 AM



Ghana GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.70 1.80 7.40 -2.20 percent [+]
GDP Annual Growth Rate 6.80 7.40 25.00 -1.60 percent [+]
GDP 47.33 42.80 47.81 1.22 USD Billion [+]
GDP Constant Prices 38636.90 38006.30 130410.40 4269.40 GHS Million [+]
Gross Fixed Capital Formation 42612.66 33744.92 42612.66 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 8723.60 7209.81 8723.60 5322.00 GHS Million [+]
GDP From Construction 3173.40 3587.37 3587.37 1016.30 GHS Million [+]
GDP From Manufacturing 4216.30 4736.59 4736.59 1801.31 GHS Million [+]
GDP From Mining 5840.20 6829.13 6829.13 497.40 GHS Million [+]
GDP From Public Administration 1097.40 1215.90 1397.19 862.14 GHS Million [+]
GDP From Services 14311.80 14095.43 14673.13 8690.40 GHS Million [+]
GDP From Transport 1951.90 1936.45 3653.00 1471.80 GHS Million [+]
GDP From Utilities 183.10 185.15 273.00 148.34 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 April of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
6.80 7.40 25.00 -1.60 2000 - 2018 percent Quarterly
Constant Prices 2013, NSA




Country Last Previous
India 6.60 Dec/18
China 6.40 Mar/19
Indonesia 5.18 Dec/18
Saudi Arabia 3.60 Dec/18
South Korea 3.10 Dec/18
United States 3.00 Dec/18
Russia 2.70 Dec/18
Australia 2.30 Dec/18
Spain 2.30 Dec/18
Netherlands 2.20 Dec/18
Mexico 1.70 Dec/18
Canada 1.60 Dec/18
Switzerland 1.40 Dec/18
United Kingdom 1.40 Dec/18
Singapore 1.30 Mar/19
Brazil 1.10 Dec/18
Euro Area 1.10 Dec/18
South Africa 1.10 Dec/18
France 1.00 Dec/18
Germany 0.60 Dec/18
Japan 0.30 Dec/18
Italy 0.00 Dec/18
Turkey -3.00 Dec/18
Argentina -6.20 Dec/18


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