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Home Economy

Ghana’s economy recover strongly as it expands 3.9% in quarter 2

4 years ago
in Economy, highlights, Home, home-news, latest News
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Seth Terkper, Former Finance Minister - norvanreports

Seth Terkper, Former Finance Minister - norvanreports

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Ghana’s economy recover strongly as it expands 3.9% in quarter 2

Ghana’s economy is recovering strongly from the impact of Covid-19 pandemic as it expanded by 3.9 percent in the second quarter of this year, figures from the Ghana Statistical Service has revealed.

This was due to strong pick-up in the Services and Agriculture sector. However, Gross Domestic Product growth rate without oil and gas (Non-Oil GDP) for first quarter of 2021 was 5.2% which is compared to -5.8% during the same period in 2020.

According to the figures, the main sub-sectors that expanded in quarter two of 2021 were Water Supply, Sewerage, Water Management & Remediation Activities (20.5%); Information & Communication (20.0%); Hotel & Restaurants (18.7%); Real Estate (13.8%); Fishing (12.7%); Forestry & Logging (11.9%); Education (11.8%); Trade, Repair of Vehicles, House Goods (10.7%); Electricity (9.5%) and Manufacturing (8.3%).

Read: Government has better resources; it has no excuse in running economy – Tekper

However, Mining & Quarrying (-18.9%) was the only sub sector that contracted in the second quarter. The Service sector recorded the highest growth of 11.0% and was followed by the Agriculture sector with a growth of 5.5.0%. The Industry sector however contracted by 4.3 percent due to a significant contraction in the Mining and Quarrying sub sector.

The GDP estimate at current prices in purchaser’s value for the 2nd quarter of 2021 was estimated at ¢101.94 billion compared to ¢88,470.1 million in the 2nd quarter of 2020.

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However, the non-oil GDP (GDP without Oil and Gas) estimate at current prices for the 2nd quarter of 2021 was ¢97.48 billion compared to ¢85.66 billion in the 2nd quarter of 2020.

GDP sectoral shares

The Services sector was the largest sector of the Ghanaian economy in the second quarter of 2021 with a share of 50% of GDP at basic prices. The GDP share of Industry and Agriculture were estimated at 29% and 21% respectively.

Source: PFM Tax Africa
Via: norvanreports
Tags: COVID-19 pandemicGDPghanaGhana’s economy recover strongly as it expands 3.9% in quarter 2
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