Skip to main content

Information and communication drives growth GDP to 4.9%


The economy ended the first quarter with a 4.9% GDP growth rate according to the latest GDP estimates released by the Ghana Statistical Service.

Provisional real quarterly gross domestic product growth rate (QGDP) including Oil and Gas, by the production approach, is 4.9% (year on year) in the first quarter of 2020.

In the same period in 2019, the growth was 6.7%.

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

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

Quarterly breakdown
The year-on-year quarterly GDP growth rate for Agriculture is 2.8% for the first quarter of 2020.

The Fishing sub-sector recorded the highest year-on-year growth rate of 14.1% while the Forestry and logging sub-sector recorded the lowest, with a contraction (-7.1%).

The year-on-year quarterly GDP growth rate for the Industry sector is 1.5% for 2020Q1.

The Electricity sub-sector recorded the highest year-on-year quarterly GDP growth rate of 17.1% for 2020Q1, while the construction sub-sector recorded the lowest, with a contraction (-6.9%).

GDP highlights

The Q1 2020 GDP at current prices was estimated at ¢92,487 million. The corresponding value recorded for Q1 2019 was ¢84,850.6 million.

In constant terms, the Q1 2020 GDP was estimated at ¢42,483.3 million. For Q1 2019, the estimated value was ¢40,495.9 million.

The year-on-year quarterly GDP (Oil) growth rate for Q1 2020 was 4.9% compared to the 6.7% recorded for Q1 2019.

The year-on-year quarterly GDP (Non-Oil) growth rate for Q1 2020 was 4.9% compared to the 6.0% recorded for Q1 2019.

Information and Communication sub-sector is the main driver of GDP growth rate for Q1 2020

The quarter-on-quarter GDP growth rate (seasonally adjusted) for Q1 2020 was 1.2%. The rate recorded for the first quarter of 2019 was also 1.6%.

Comments

Popular posts from this blog

Nestlé Ghana Limited Wins Overall Best Industrial Company Of The Year at 13th AGI Industry & Quality Awards

  Nestlé Ghana Limited has been honored with four prestigious awards at the 13th Association of Ghana Industry and Quality Awards ceremony. The event, held in an esteemed setting, gathered prominent figures from Ghana’s industrial sector. Amidst the anticipation, Nestlé Ghana emerged as one of the evening’s notable winners, securing accolades in several key categories. This recognition underscores Nestlé Ghana’s relentless pursuit of excellence and innovation, marking a significant milestone that highlights the company’s substantial contributions to the manufacturing industry in Ghana. Nestlé Ghana's exceptional performance was acknowledged with the following awards: Overall Best National Quality Award, Diamond Category (Food) Overall Best Practices in Sustainable Manufacturing Best Company (Food Sector) Overall Industrial Company of the Year, affirming its status as a leader not only within the food sector but also across Ghana's entire industrial landscape. This success is a ...

Anglogold Ashanti Obuasi Mine tops 2024 Sustainability & Social Investment Awards

 AngloGold Ashanti Obuasi Mine has confirmed its status as sustainability champions by sweeping nine awards, the most won by a company at the 2024 Sustainability & Social Investment Awards (SSI) held at Movenpick Ambassador Hotel in Accra. The feat comes on the heels of a dominant performance in last year's event where AngloGold Ashanti Obuasi Mine swept seven awards. The SSI Awards organised by Ianmatsun Global Services recognizes the most outstanding sustainability, Corporate Social Responsibility (CSR), Environmental, social, and governance (ESG) initiatives in the country and beyond as well as the best teams and individuals who brought them to life. This year's event, which was the 8th edition, was under the theme "Climate Action Now: Accelerating Decarbonization and Building Resilience". The awards won by AngloGold Ashanti on the night include SSI Company of the Year, Best Company in Women Empowerment (project), SSI Company of the Year ( Environment), Best Co...

Zoomlion Advocates Community & Gender inclusive waste management for Climate Action at COP 29

 Africa's waste management giant, Zoomlion Ghana Limited has advocated for an integrated approach to waste management that considers the interest of community members, women and vulnerable groups. James Deku, a Communications Officer of Zoomlion Ghana Limited made this call at the 29th session of the Conference Of Parties (COP 29) of the United Nations Framework Convention for Climate Change (UNFCCC) at Azerbaijan, Baku whiles speaking on the topic "Community-Driven and Gender Inclusive approaches to waste management for Climate Action ". He said the waste sector is a major contributor of methane emissions which is a potent greenhouse gas causing climate change hence the need to manage waste in a manner that considers the interest of all stakeholders. Zoomlion's waste management model is designed and operated in a manner that considers the interest of all stakeholders. Through a Public Private Partnership (PPP) model, local authorities engage community members in clea...