Ghana’s economy grows by 7.4% in the third quarter of 2018

Ghana's economic growth rate in the third quarter is 7.4 per cent
This is a reduction compared to the same period in 2017.
The total value of all goods and services including oil reached GHC75 billion.

The Ghana Statistical Service (GSS) has indicated that the country recorded a 7.4 per cent economic growth rate in the third quarter of 2018.

This figure is a decrease in growth rate compared to the same period last year (2017).

In the third quarter of 2017, Ghana recorded an 8.7 per cent growth rate.

According to the GSS in the third quarter of 2018, which is from July to September, the total value of all goods and services including oil reached GHC75 billion. This is a rise from the GHC63.4 billion recorded the same period in 2017.

However, the total value of all goods and services produced within the period excluding oil was GHC72.5 billion compared to the GHC60.9 billion recorded in the same period last year.

The Statistical service said the contraction recorded in some sectors of the economy was a contributing factor in the overall drop in economic growth between July and September.

The sectors that encountered these contractions are the financial and insurance sector, the real estate sector and the production of oil and gas.

In a related development, in the agriculture sector, the crops sub-sector recorded the highest growth of 1.6 per cent, followed by the livestock sub sector with 1.1 per cent. The fishing sub-sector recorded a growth rate of negative 0.3 per cent.

The industry, mining, and quarrying grew by 5.9 per cent.

The manufacturing and water supply grew by 1.6 per cent. The sewage and waste management recorded a growth rate of negative 12 per cent.

For the services sector, health and social work grew by 6.1 percent, with information and Communication sub-sector growing by 2.4 percent and the real estate sub sector recorded negative 5.1 percent growth.