Economy grows by 2.9% in Q3 2022
Data from the Ghana Statistical Service (GSS) indicates that the economy grew by 2.9% in the third quarter of 2022.
The recorded growth rate is lower than the 4.8% growth rate recorded in the second quarter of 2022.
According to the GSS, the slow growth in industry (0.9%) impacted heavily on the overall growth rate.
Agriculture however recorded the highest growth rate of 4.6%, whilst the services sector registered a growth rate of 3.9%.
Recorded GDP growth rate for the second quarter of 2022, was pegged at 4.8% by the Ghana Statistical Service [GSS].
According to the GSS, compared to growth in the previous quarter [1.1%], the posted 4.8% GDP growth marks a quarter-on-quarter growth of +3.7%.
Main drivers of growth, the GSS noted, were manufacturing and cocoa production.
The growth rate was driven by Manufacturing (8.8%), Crops and Cocoa (4.5%), Mining and Quarrying (4.4%), Information and Communication (12.4%) as well as the Education (13.2%) sub-sectors.
For the sectors, the Services sector (5.2%) expanded more than the national average. It was followed by Agriculture (4.6%) and Services (4.4%).
Nine sub–sectors within the Services sector recorded growth rates.
However, two contracted. They were Real Estate (-5.7%) and Professional Administrative and Support (-11.0%).
Similarly, three sub-sectors within the Agriculture sector expanded during the period. They were Fishing (7.8%), Livestock (5.8%) and Crops and cocoa (4.5%).
Forestry and Logging however contracted with a growth rate of -0.2%.
Also, Manufacturing (8.8%), Mining and Quarrying (4.4%) and Construction (0.4%) sub-sectors expanded.
However, Electricity (-2.2%) and Water Supply, Sewerage, Waste Management and Remedial Activities (-2.7%) contracted.
The Services sector continued to be the largest sector of the Ghanaian economy in the second quarter of 2022 with a share of 45.8% of GDP. The GDP share of Industry and Agriculture were 32.1% and 22.1% respectively.
