Ghana’s Gross Domestic Product for the second quarter of this year grew by 5.4 percent. For the same period last year the country recorded a figure of 11.1 percent.
The Ghana Statistical service released the latest data on Thursday.
Gross Domestic Product (GDP) is a monetary measure of the market value of all the final goods and services produced in a period of time, often annually or quarterly.
For the second quarter of this year, which is between April and June, the GDP including oil revenue reached some $14.5 billion (71 billion cedis).
The same period last year the country recorded a GDP value of $12.7 billion (62 billion cedis).
For the Agric sector, the livestock sub-sector recorded the highest growth of 1.1 percent; it was followed by crops and fishing which grew by 1 and 0.5 percent respectively.
In the industry sector, both Mining and Quarrying as well as electricity sub-sectors recorded increases in growth between April and June this year.
But the water and sewage sub-sector recorded the least growth rate of negative 0.9 % compared to 0.4 % in the 1st quarter of 2018.
The biggest sector, services sector, especially Finance and Insurance sub-sector witnessed the least growth of negative 3.8 percent.
Growth in the information and communication sub-sector dropped to 3.3%. While the Health and Social Work subsector grew by 5.9 percent.
Ghana’s acting government Statistician, Baah Wadieh attributes the slow growth in the financial sector to the recent developments within that sector.
“What we have recorded is just a reflection of what we have all observed in the country with regards to the crisis in the banking sector and these are reflecting in our figures,” he said.
Source: Africafeeds.com
