Ghana’s GDP growth slows at 5.4% in second quarter of 2018

The year-on-year Gross Domestic Product (GDP), including oil, slowed to 5.4 per cent in the second quarter of 2018 compared to 11.1 per cent recorded for the second quarter of 2017.

Mr Baah Wadieh, the Acting Government Statistician, who announced this at a news conference in Accra, said the year-on-year industry sector recorded the highest growth of 11.1 per cent, while the agriculture sector followed with 4.8 per cent and services with 0.5 per cent.

The quarter-on-quarter agriculture recorded 1.0 per cent, the industry sector followed with 2.7 per cent and services recorded 0.1 per cent respectively

The oil GDP estimate at current prices at purchaser’s value for the second quarter of 2018 was GH¢72, 870.3 million compared to GH¢62, 734.7 million in the second quarter of 2017, he said.

Mr Wadieh said the non-oil GDP estimate at the current prices for the second quarter of 2018 was GH¢69, 260.4 million compared to GH¢61, 282.7 million in the second quarter of 2017.

Considering rebased GDP at constant 2013 prices, the Oil GDP estimate for the second quarter of 2018 was GH¢37, 804.9 million compared to GH¢35, 869.3 million in the second quarter of 2017 including; oil and non-oil, he stated.

He said the Non-oil GDP at constant 2013 prices for the second quarter of 2018 was GH¢35,317.9 million compared to GH¢33, 869.3 million in the second quarter of 2017.

The sectoral GDP shares distribution in the second quarter of 2018 for agriculture stood at 16.5 per cent, industry is 35.1 per cent and services records 48.4 per cent.

Source: GNA