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Ghanaian economy grew by 3.3% in first quarter of 2022

BY: Kweku Zurek
Ghanaian economy grows by 3.3% in first quarter
Ghanaian economy grows by 3.3% in first quarter

Ghana's economy grew by 3.3% in quarter one of 2022 compared to the same period in 2021, the Ghana Statistical Service said on Wednesday.

The Government Statistician, Prof. Samuel Kobina Annim announced the provisional real Gross Domestic Product (GDP) in volume terms said growth was driven by Information and Communication (1.0%), Crops and Cocoa (0.9%), Transport and Storage (0.4%), Manufacturing (0.3%) and Trade: Repair of Vehicles, Household goods (0.3%).

When seasonally adjusted, Ghana's real GDP increased by 0.9% in quarter one (January to March) of 2022; 1.0 percentage points lower than what was recorded in quarter four (October to December) of 2021.

The Services sector remains the largest sector of the economy with a 45percent share of GDP. The GDP share of Industry and Agriculture were 32percent and 23percent respectively.

Main sub-sectors of expansion

Prof Annim said the main sectors with more than 10 percent expansion in quarter one of 2022 are Information and Communication (26.6%); Fishing (26.1%); Water Supply, Sewerage, Waste Management & Remediation Activities (25.4%) and Electricity (15.9%).

Contracted sub-sectors sectors

He also mentioned that seven sub-sectors led by Professional, Administrative & Support Service activities (-12.8%) and Public Administration, Defense and Social Security (-9.8%) contracted.

The remaining sectors that contracted during the period were Real Estate (-2.6%), Construction (-2.6%), Education (2.0%), Health and Social Work (-1.0) and Forestry & Logging (-0.1%).

Nominal quarterly GDP

Prof Annim said the GDP estimate at current prices in purchaser's value for the first quarter of 2022 was GH¢139,390.0 million compared to GH¢115,691.6 million in the first quarter of 2021.

The non-oil GDP (GDP without Oil and Gas) estimate at current prices for the 1st quarter of 2022 was GH¢131,025.2 million compared to GH¢111,105.1 million in the first quarter of 2021.