Ghana’s economy shows modest 3.2% growth in Q2 2023
Provisional estimates released by the Ghana Statistical Service reveal that Ghana’s economy exhibited a modest expansion of 3.2 percent during the second quarter of 2023, spanning from April to June, in comparison to the same period in 2022.
Upon seasonal adjustment, the real Gross Domestic Product (GDP) displayed a 0.7 percent increase in the second quarter of 2023, reflecting a slight decrease of 0.1 percentage point when contrasted with the first quarter of 2022.
Sector-wise, the Services sector took the lead with the highest growth rate, registering an impressive 6.3 percent expansion. Following closely was the Agriculture sector, which achieved a growth rate of 6.0 percent. In contrast, the Industry sector experienced a contraction with a growth rate of -1.9 percent.
The GDP growth rate, excluding contributions from the oil and gas sector (Non-Oil GDP), stood at 3.2 percent for the second quarter of 2023. This figure is a notable deviation from the same period in 2022, which recorded a growth rate of 4.8 percent.
The Ghana Statistical Service further highlighted that six subsectors faced contractions during the second quarter of this year. These subsectors include Construction, which witnessed a significant decline of -11.7 percent, wholesale and retail trade (inclusive of repair of motor vehicles and motorcycles), contracting by -5.3 percent.
Other sectors experiencing contractions were Electricity (-5.1 percent), Forestry (-4.2 percent), Water supply, Sewerage, Waste management, and remediation activities (-3.3 percent), as well as Manufacturing (-0.5 percent).
These statistics paint a nuanced picture of Ghana’s economic performance in the second quarter of 2023, indicating areas of growth and challenges within the country’s diverse economic landscape.
