Ghana revises economic growth to 7.9% for 2012

Ghana’s economy grew by a revised 7.9 percent in 2012 led by the services sector, the Ghana Statistical Service said on Wednesday.

In nominal terms, the revised Gross Domestic Product estimate for 2012 was GH¢73.1 billion compared with a provisional estimates of GH¢71.8 billion for the same period announced in September 2012.

The services sector recorded the highest growth of 10.2 percent, followed by industry 7 percent, with agriculture recording the lowest growth of 1.3 percent.

Dr Philomena Nyarko, Acting Government Statistician, said the services sector remained the largest contributor to GDP with a share of 50 percent.

Industry comes in second with 27.3 percent while agriculture contributed 22.7 percent.

Construction and Electricity sub sectors recorded relatively high growth rates of 11.2 percent and 11.1 percent respectively in the industry sector while mining and quarrying recorded 5.0 percent growth.

Manufacturing grew by 5.0 percent and water by 2.0 percent.

“Though solid minerals grew significantly as well as crude oil production, drastic reduction in investment in the development of oil wells in 2012 compared to 2011, contributed to the low growth of the Mining and Quarrying subsector,” Dr Nyarko said.

In the services sector information and communications subsector and Finance and insurance subsector recorded growth rates of 23.4 percent and 23.0 percent respectively.

Real estate, Professional, administrative and support service activities subsector grew by 13.1 percent while hotels and restaurants subsector added 13.0 percent. All the other subsectors recorded growth below 10 percent.

Meanwhile, the GDP estimates growth for 2011 had been reviewed upwards to a record growth rate of 15.0 percent. Upward revisions were made to the estimates of the manufacturing subsector and Transport and Storage subsector, with downward revisions to the construction and Trade subsectors.

Source: GNA