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%).
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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.
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.
