Services sector highest driver of Ghana GDP to 4.7%

The Ghana Statistical Service (GSS) announced Tuesday June 18 that the gross domestic product (GDP) of Ghana has increased by 4.7% in the first quarter of 2024 from January to March.

According to the GSS, the Services sector continues to be the largest sector of the Ghanaian economy in first quarter 2024 with a share of 45.6% of GDP at basic prices.

The GDP share of Industry and Agriculture were 30.6% and 23.8%, respectively.

The GSS, said the GDP is estimated to have increased by 4.7% in Quarter 1 (January to March) 2024 compared to the same quarter a year ago and by 1.2% compared to Quarter 4 (October to December) 2023. 

It noted that the other drivers of growth in Quarter 1 2024 are: Mining & Quarrying (12.9%), Information & Communication (17.9%), Crops (4.3%), Construction (8.2%) and Accommodation and Food Service Activities (9.4%), 

The contracting sub-sectors in Quarter 1 2024 are: Health and Social Work (-8.8%), Electricity (-7.5%), Public Administration, Defense, and Social Security (-5.3%), Education (-4.9%), Other Personal Service Activities (-2.9%) and Forestry & Logging (-1.2%).

The GDP share of Industry and Agriculture were 30.6% and 23.8%, respectively. Compared to the same quarter last year, growth in Agriculture was 4.1% in Q1 2024. In the Industry sector growth was 6.8% compared to Q1 2023, and in the Services sector, growth was 3.3 %. Quarter-on-quarter growth was 1.1%, 1.8%, and 0.9%, respectively.