Ghana records 3.1% growth rate in first quarter of 2021 - GSS

Ghana’s economy recorded a growth rate of 3.1% year-on-year in the first quarter of 2021 compared with 7% in the same period last year.

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Figures from the Ghana Statistical Services (GSS) show GDP growth rate without oil and gas (non-oil GDP) for the first quarter of 2021 is 4.6% which compares to the same period in 2020 with a growth rate of 7.9%.

The agriculture sector recorded the highest growth of 4.3% and was followed by the services sector with a growth of 4.0%. The industry sector also expanded by 1.3%.

The services sector was the largest sector of the Ghanaian economy in the first quarter of 2021 with a share of 53% of GDP at basic prices.

The GDP share of industry and agriculture was 25% and 22% respectively.

Government Statistician Samuel Kobina Annim told reporters Wednesday, June 16, in the capital, Accra. The economy grew 0.8% from the previous quarter.

“With the reference point for quarter 1 2020 and quarter 1 2021 on a year on year basis, quarterly GDP from an oil perspective was 3.1 percent for the period quarter 1 2020 and quarter 1 2021 in sharp contrast with what was recorded for quarter 1 2019 and quarter 1 2020 where the economy grew by 7.0 percent."

“From a non-oil perspective we see that on a year on year basis in quarter 1 2021 the economy grew by 4.6 % and also this is a marked dip from the same period between quarter 1 2019 and quarter 1 2020. Where the economy grew by 7.9 percent so again from an oil and a non-oil perspective, the economy has slowed down with its growth rate on a quarter 1 basis for the period January to March 2019 compared with January to March 2020 relative to 2020 quarter 1 and quarter 1 20201."

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