Ghana records 6.6 per cent growth rate in third quarter

Ghana records a growth rate of 6.6 per cent in the third quarter (July to September) this year compared to -3.2 per cent in the same period of 2020.

Professor Samuel Annim, the Government Statistician, who announced this on Wednesday, said non-oil GDP was 8.6 per cent for the period. It stood at -3.0 in 2020.

He said GDP, including Oil and Gas, for the third quarter of 2021 was GH₵43,093.5 million compared to GH₵40444.03 million in the third quarter of 2020.

However, the GDP without Oil and Gas for the third quarter of 2021 was GH₵39,974.4 million compared to GH₵ 36,823.7 million in the third quarter of 2020.

On sectors contributions to GDP, the Service sector recorded the highest growth of 13.4 per cent, followed by the Agricultural sector with a growth rate of 9.2 per cent.

The Industry sector, however, contracted by 2.0 per cent.

On GDP sectoral shares, the Service sector was the largest of the Ghanaian economy in the third quarter, contributing GH₵44,923.5 million, representing 45 per cent of GDP.

The Industry sector gave GH₵1,732.7 million, resenting 31 per cent while Agriculture was GH₵24,049.0 million, representing 24 per cent.

Within the Agricultural sector, the Crops, Cocoa and Fishing sub-sectors grew by 2.1 per cent and 3.8 per cent respectively in the third quarter of 2021.

The Livestock sub-sector declined marginally to 1.1 per cent from 1.2 per cent recorded in the second quarter of 2021 while the Forestry and Logging sector grew at a slower rate of 0.6 per cent from 2.9 per cent recorded in the second quarter of 2021.

Within the Industry sector, the manufacturing sub-sector grew by 1.6 per cent in the third quarter of 2021 compared to a growth of 1.8 per cent in the second quarter of 2021.

Water supply, Sewerage, waste management and remediation activities grew by 1.5 per cent in the third quarter as the Construction sector recorded 0.4 per cent growth compared with a 0.6 per cent expansion in the second quarter in 2021.

The mining and quarrying sector continued to contract by 3.2 per cent in the third quarter from -4.8 per cent it recorded in the Second quarter in 2021.

In the Service sector, Education grew by 6.3 per cent compared to a growth of 0.8 per cent in the second quarter of 2021 as the Real Estate, Public Administration and Defense and Social Security each expanded by 4.0 per cent compared with the 1.7 and 1.5 per cent respectively recorded in 2021 Second quarter.

Information and Communication expanded by 3.8 per cent compared to a 4.3 per cent recorded in the second quarter of 2021, Prof Anim added.