The economy of Ghana shrank 3.2% year-on-year in the second quarter of 2020, following a 4.9% growth in the previous period. It was the first economic contraction since the Q2 of 2016, due to Covid-19 and related containment measures. The country has started to gradually ease lockdown restrictions in May but many businesses across sectors remained shut. The industrial sector was the most affected (-5.7% vs 1.5% in Q1), led by manufacturing (-14.3%) and mining & quarrying (-5.6%). Services also contracted (-2.6% vs 9.5%), in particular hotels & restaurants (-79.4%); trade, repair of vehicle, household goods (-20.2%); professional, administrative & support (-11.2%) and other personal services (-9.1%). In addition, growth slowed in agriculture (2.5% vs 2.8%). On a quarterly basis, the GDP fell 0.8%, for the first time since the Q1 of 2015, after rising 1.2% in the previous quarter.
GDP Annual Growth Rate in Ghana averaged 6.48 percent from 2000 until 2020, reaching an all time high of 25 percent in the first quarter of 2012 and a record low of -3.20 percent in the second quarter of 2020. 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 - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020. source: Ghana Statistical Service
GDP Annual Growth Rate in Ghana is expected to be 1.50 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 3.50 in 12 months time. In the long-term, the Ghana GDP Annual Growth Rate is projected to trend around 5.40 percent in 2021 and 6.00 percent in 2022, according to our econometric models.