Ghana Records 5.7 Pct Economic Growth In Q2

Sumaira FH Published September 19, 2019 | 04:55 PM

Economic growth in Ghana grew 0.4 percentage points to 5.7 percent in the second quarter of this year compared with the 5.3 percent recorded for the same period last year, a report from the Ghana Statistical Service (GSS) has said

ACCRA, (APP - UrduPoint / Pakistan Point News - 19th Sep, 2019 ) :Economic growth in Ghana grew 0.4 percentage points to 5.7 percent in the second quarter of this year compared with the 5.3 percent recorded for the same period last year, a report from the Ghana Statistical Service (GSS) has said.

In real terms, the value of the economy grew to 39.95 billion Ghana cedis (7.25 billion U.S. Dollars) in the second quarter of 2019, from the 37.80 billion cedis (6.86 billion dollars) recorded for the same period last year.

Of the three sectors, the industry sector grew largest with 6.5 percent, followed by the services with 6.1 percent, while the agricultural sector grew at 3.1 percent.

In percentage terms, the services sector accounts for 49 percent of the entire economy, while the industrial sector accounts for 36 percent, with the agricultural sector accounting for 15 percent of the economy.

The economy without oil, however, declined 0.7 percentage points to 4.3 percent in the second quarter of 2019, compared with the five percent recorded for the same period last year.

"The growth in the real Gross Domestic Product (real economy) in the second quarter of 2019 resulted from the high growth rates in information and communication (52.8 percent); and real estate (14.9 percent)," the government statistician Samuel Kobina Annim said in the report.

He said mining and quarrying (14.0 percent); health and social work (10.3 percent); education (8.9 percent); manufacturing (7.4 percent) as well as hotels and restaurants (6.6 percent) also contributed to the growth.