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Ghana’s economy grows by 4.9% in first-quarter 2020

The Ghana Statistical Service (GSS) has said that the country’s economy expanded by 4.9% year-on-year in the first quarter of 2020.

Ghana’s economy grows 4.9% in first-quarter 2020 www.africanstand.com
The Ghana Statistical Service (GSS) has said that the country’s economy expanded by 4.9% year-on-year in the first quarter of 2020.

Ghana’s economy expanded 4.9 percent year-on-year in the first quarter of 2020 compared to 6.7 percent in the same period last year, driven mainly by the services sector, the Ghana Statistical Service (GSS) said on Wednesday.

The Services sector recorded the highest growth of 9.5 percent; the Agriculture sector expanded by 2.8 percent and the Industry sector by 1.5 percent.

The Services sector contributed 3.6 percentage points (73.1 percent) to the overall Gross Domestic Product (GDP) growth rate of 4.9 percent in the first quarter.

Government Statistician, Professor Samuel Kobina Annim, announced the figures at a News briefing in Tamale on Wednesday.

Professor Annim said the main sub-sectors driving GDP growth in January to March 2020 GDP were Information & Communication, Manufacturing, Education and Public Administration and Defence, and Social Security.

Information and Communication sub-sector expanded from 67.6 percent in quarter one of 2019 to 77.4 percent in the first quarter of 2020.

Its contribution to GDP growth was 2.10 percentage points or 42.7 percent.

The manufacturing sub-sector recorded a lower growth of 5.0 percent in the first quarter of 2020 compared to 5.6 percent in the same period of 2019.

It contributed 0.60 percentage points or 12.2 percent to the overall GDP growth.

The Public Administration & Defence, Social Security sub-sector expanded by 13.6 percent in quarter one of 2020 from 9.0 percent in quarter one of 2019 contributing 0.40 percentage points to GDP growth.

Negative contributors to the first-quarter GDP growth came from the sub-sectors of Trade, Repair of Vehicle, Household Goods Construction, Forestry & Logging, and Professional, Administrative & Support activities.

Construction sub-sector contracted by 6.9 percent during the period and contributed -10.6 percent to GDP growth.

GDP growth rate without oil and gas (Non-Oil GDP) for the first quarter of 2020 is 4.9 percent which compares to the same period in 2019 with a growth rate of 6.0 percent.

Johnny Mapesa

Written by Johnny Mapesa

Johnny Mapesa is an award-winning Kenyan journalist who is driven with passion and has worked for several media brands both locally and internationally and currently working with African Stand.

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