Ghana’s GDP Ghana’s economy grows by 8.5% in 2017

GDP is the estimate of the total value of final goods and services produced in the country over a given period.

  • Published: , Refreshed:
24/7 Live - Subscribe to the Pulse Newsletter!

The Ghana Statistical Service has indicated that Ghana’s economy grew by 8.5 percent in 2017.

This is twice the figure recorded in 2016 where the economy grew by 3.7 percent.

GDP is the estimate of the total value of final goods and services produced in the country over a given period.

According to a release issued, the Industry sector recorded the highest growth rate of 16.7 percent, followed by Agriculture (8.4%) and the Services (4.3%) sectors.

READ ALSO: Reverend Fitz Odonkor detained by EOCO over Capital Bank collapse

Even though the Services sector remains the largest it recorded a dwindling share of the GDP. It decreased from 56.8 percent in 2016 to 56.2 percent in 2017.

Also, the sector’s growth rate decreased from 5.7 percent in 2016 to 4.3 percent in 2017. Two of the subsectors in this sector recorded double-digit growth rates. These are the Information and Communication (13.2%) and Health and Social Work (14.4%) sub-sectors.

The highest growing sector which is the Industry sector recorded a GDP share of 25.5 percent.Its growth rate increased from -0.5 percent in 2016 to 16.7 percent in 2017.

Of all the industrial activities, the Mining and Quarrying subsector recorded the highest growth of 46.7 percent in 2017.

The Agriculture sector expanded from a growth rate of 3.0 percent in 2016 to 8.4 percent in 2017. Its share of GDP, however, declined from 18.7 percent in 2016 to 18.3 percent in 2017. Crops remain the largest activity with a share of 14.2 percent of GDP.

READ ALSO: Newmont suspends operations at Ahafo mines following the death of 6

In an interview with Accra-based Citi FM, the Deputy Government Statistician in charge of operations, Anthony Amuzu attributed the growth to the gains in the Mining and Quarrying subsector.

“In 2017, the provisional annual estimates including oil grew by 8.5 percent but then the non-oil GDP grew at 4.9 percent, there was a lot of oil production in 2017, with the coming on board of the TEN oil fields and that has shot up the GDP for 2017”.

“And if you take the industry sector, for example, mining and quarrying which includes oil and gas contributed about 46% of which oil contributed about 80 %, so it has been driven largely by the mining and quarrying sub-sector which includes oil and gas”, he explained.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email:

Recommended Articles

Recommended Videos

Top Articles

1 Poverty Gap Ghana’s policies make the rich wealthier – UNbullet
2 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions public...bullet
3 Job Creation Nation Builders Corps to be launched end of April - Bawumiabullet
4 Salaries In 2018 Here are the dates public workers will be paid in...bullet
5 Menzgold Ghana Investment company closes down its Gold Vault Marketbullet
6 May I take Your Order It's ‘Chop Time’ at Achimota Mallbullet
7 In Upper East 2 men killed in daylight bank robberybullet
8 Taxes In Ghana 3% VAT flat rate takes off in July 1bullet
9 NPP government Ghana Beyond Aid is fight for economic...bullet
10 Newmont Deaths Investigative report to be out by end...bullet

Top Videos

1 Money Alert Meet Africa's richest womanbullet
2 Forbes 2018 Africa's billionaires rich listbullet
3 Bozoma Saint John 10 quotes from Uber top official, Bozoma, that...bullet
4 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
5 Plane Crash Starbow suspends operations following plane crashbullet
6 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
7 Support Finance minister buys Kantanka carbullet
8 Entrepreneurship How to be resourceful as an entrepreneurbullet
9 Tech 6 reasons you should buy an iPhone SE instead of...bullet