Ghana’s records 3.2 per cent GDP growth in 2nd quarter — GSS

This was against 3.5 per cent recorded in the same period of 2022.

Compared to the first quarter of 2023, the real GDP increased by 0.7 per cent in the second quarter of 2023 reflecting a 0.1 percentage point lower than what was recorded between January and March of 2023.

This was after a downward revision of the first quarter real GDP from 4.2 per cent as announced in June 2023 to 3.3 per cent.

The GSS said for the second quarter of 2023 the GDP, including Oil and Gas, which was estimated at constant 2013 prices for the second quarter of 2023 were GH¢42.1 billion compared to GH¢40.8 billion in the second quarter of 2022.

Meanwhile, the Non-oil GDP at constant 2013 prices for the second quarter of 2023 was GH¢39.7 billion compared to GH¢38.5 billion in the second quarter of 2022.

This meant that Non-Oil GDP growth rate thus without oil and gas for the second quarter of 2023 was 3.2 per cent as compared to a growth rate of 4.8 per cent recorded within the same period in 2022.

On a nominal basis however, the GSS indicated that the GDP estimate at current prices in purchaser’s value for the second quarter of 2023 was GH¢185.6 billion compared to GH¢130.7 billion recorded in the second quarter of 2022.

GSS also noted the Non-oil GDP which were estimated at current prices for the second quarter of 2023 was GH¢175.1 billion compared to GH¢121.4 billion in the second quarter of 2022.

According to the GSS, sectors such as Information and Communication, Fishing, Health, Livestock,

Crops, Public Administration, Defense and Social Security, Transport and Storage were the main drivers of GDP growth for the second quarter of 2023.

It noted that the Services sector continued to be the largest sector of the Ghanaian economy in the first quarter of 2023 with a share of 47 percent of GDP at basic prices while the GDP share of Industry and Agriculture were 32 percent and 21 percent respectively.

“Main sub-sectors with more than 10 percentage expansion in quarter two of 2023 are Information and Communication (26.4%); Fishing (12.2%); Health & Social Work (11.0%).

“Six sub-sectors contracted in quarter two of 2023. These are Construction (-11.7%); Wholesale and retail trade, repair of motor vehicles and motorcycles (-5.3%); Electricity (-5.1%); Forestry (-4.2%); Water Supply, Sewerage, Waste Management & Remediation Activities (-3.3%) and Manufacturing (-0.5%)” the newsletter highlighted.