Growth in Service and Agric sectors results in 3.9% GDP growth rate in Q2 2021
Robust growth in the Service and Agriculture sectors for the second quarter of this year resulted in a positive Gross Domestic Product (GDP) growth of 3.9 percentage points.
This is per the new data released by the Ghana Statistical Service (GSS) on the country’s economic performance for the second quarter.
Compared to same period last year, recorded GDP for Q2 2020 was negative 5.7 percent as a result of the adverse impact of the Covid pandemic on the economy.
Announcing the GDP growth rate for Q2 2021, Government Statistician, Professor Samuel Annim, remarked that the increase in the growth rate was driven by a strong pick-up in the Services and Agriculture sectors.
Adding that the growth rate could have been higher, but for the contraction in Industry which was influenced by a shrink in the mining and quarrying sub sector.
The Services sector recorded the highest growth of 11.0% and was followed by the Agriculture sector with a growth of 5.5%.
The Industry sector however contracted by 4.3%.
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For the Agriculture sector, Forestry and Logging, Livestock and Crops registered growth rates of 11.9%, 5.7% and 4.5% respectively.
With regard to industry, Water supply, Sewerage, Waste Management and Remediation Activities registered growth rate of 20.5%, whilst Electricity, Manufacturing and Construction registered GDP of 9.5%, 8.3% and 2.4%.
Real Estate (13.8%); Education (11.8%); Trade, Repair of Vehicle, Household Goods (10.7%); Transport and Storage (7.6%); Public Administration & Defence, Social Security (6.6%) and Finance and Insurance (5.1%) also recorded expansion in their sub-sectors.
The GDP estimate at current prices in purchaser’s value for Q2 2021 was estimated at Ghs 101.94 billion compared to the Ghs 88,470.1 million recorded in Q2 2020.
However, the non-oil GDP (GDP without Oil and Gas) estimate at current prices for Q2 2021 was also Ghs 97.48 billion compared to Ghs 85.66 billion in Q2 2020.
