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GDP inches to 4% in 2016 4th quarter

Dec. 28, 2016, 10:38 p.m.

Ghana’s provisional GDP (including oil) for the 3rd quarter of 2016, grew by 4 percent compared to 3.5 percent in the same period of 2015.

The services sector recorded the highest growth of 4.7 percent, followed by industry and agric with 3.9 and 2.3 percent respectively.

However, the non-oil provisional GDP for the third quarter of 2016, grew by 4.6% compared to 4.1% recorded for the third quarter of 2015.

According to the Ghana Statistical Service, the provisional estimate (including oil) for the third quarter of 2016 at current prices (including financial intermediation services indirectly measured) is GH?44,608.1 million.

The estimate for the same period in 2015 was GH?37,351.3 million. Also, the provisional estimate (excluding oil) for the third quarter of 2016 at current prices (including financial intermediation services indirectly measured) is GH?43,786.8 million.

For the same period in 2015, the value was GH?36,117.8 million. The quarter-on-quarter seasonally adjusted 2016 Q3 GDP grew by 1.1% compared to 0.5% recorded for 2016 Q2.

Sectoral Performances

Agriculture recorded a year on year quarterly growth of 2.3 percent. The livestock sub-sector recorded the highest year-on-year growth rate of 5.6% while the fishing sub-sector recorded the lowest growth rate of 0.3%. In addition, crops and forestry and logging recorded a yearly growth rate of 2.2 and 1.9 percent respectively.

For Industry, its year-on-year GDP growth rate for the third quarter was 3.9 percent. The Construction sub-sector recorded the highest year-on-year quarterly GDP growth rate of 16.3%, while the Water and Sewerage sub-sector recorded the lowest (-7.8%).

Also, for the third quarter of 2016, the Services sector recorded a year-on-year quarterly GDP growth rate of 4.7%. The Transport & Storage sub-sector recorded the highest year-on-year quarterly GDP growth rate of 8.6% while the Community, Social and Other Personal Activities sub-sector recorded the lowest growth rate of -1.0%.

Source: citifmonline.com

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