Ghana’s 2011 GDP growth rate stands at 13.6% – Statistical Service

Provisional estimates indicate that Ghana’s Gross Domestic Product (GDP) growth rate for 2011 is 13.6 per cent, after growing at 7.7 per cent in 2010, the Ghana Statistical Service announced in a statement in Accra on Wednesday.

The statement signed by Dr Grace Bediako, Government Statistician said, “In real terms (at constant 2006 prices), the provisional GDP estimate for 2011 is GH¢27,486.8 million, an increase of 13.6 per cent over the GDP estimates for 2010 (GH¢24,187.3 million)”.

It said, “In nominal terms (at current market prices), the provisional
GDP for 2011 is estimated at GH¢56,282.4 million”.

It gave the sectoral growth rates saying Industry recorded the highest growth rate of 36.2 per cent, after growing at 5.6 per cent in 2010, followed by Services which had the second highest rate of 4.2 per cent after growing at 9.8 per cent in 2010, while Agriculture recorded the lowest growth of 2.8 per cent, following a 5.3 per cent growth in 2010.

It attributed the low growth in the Agriculture sector to the decline in forestry and logging activities by negative 14.0 per cent and low growth in Fishing which was 1.7 per cent.

The statement said, “The substantial investment in reforestation activities (20,220 hectares) in 2010 had not been maintained in 2011 (estimated at 10,000 hectares), leading to the decline in output of the sub-sector”.

It said growth in Crops was 5.4 per cent, whiles the Livestock sector recorded 5.1 per cent, and attributed the growth in the Crops sub-sector to an increase of 14.0 per cent in cocoa output.

“The high growth in Industry is mainly due to the inclusion of crude oil production in the Mining and Quarrying sub-sector, which is expected to grow at 225.4 per cent,” the statement noted.

It said, “Electricity and Construction are estimated to grow at 13.7 per cent and 17.0 per cent respectively”, adding that relatively, slow growth rates of 1.7 per cent and 1.9 per cent were expected in Manufacturing, and Water and Sewerage sub-sectors respectively.

“In the Services sector, four out of the 11 sub-sectors are expected to record relatively high growth rates. These are Community, Social and Personal Service (12.0 per cent), Information and Communication (10.5 per cent), Public Administration and Defence (7.3 per cent), Transport and Storage (7.1 per cent), and Health and Social Work (6.1 per cent).

“On the other hand, activities of Hotels and Restaurants are expected to decline by 11 per cent,” the statement added.

Source: GNA