Economy grows by 2% in Q3 2023

Provisional estimates from the Ghana Statistical Service paint a nuanced picture of the nation’s economic trajectory in the third quarter of 2023, indicating a measured expansion of 2%.

This figure falls short of the pre-pandemic (covid-19) average GDP growth rate of 5% and exhibits a marginal dip from the 2.7% recorded during the same period in 2022, highlighting the economy’s resilience amidst persisting global uncertainties.

 Services Sector Dominance

Unveiling a landscape marked by sectoral asymmetry, the Services sector continues to wield significant influence, constituting 42.1% of Ghana’s GDP.

Notably, the Information and Communication sub-sector emerges as the growth leader, boasting an impressive 17.3% expansion, closely trailed by Accommodation and Food Services at 11.2%.

Industry Contractions

In stark contrast, the Industry sector faces headwinds, contracting by 4.3%. A nuanced analysis reveals a mixed performance within the Industry, with Construction grappling at -8.3%, Mining and Quarrying at -8.1%, and Electricity experiencing a milder setback at -1.8%. However, the Manufacturing sector bucks the trend, exhibiting a commendable growth rate of 2.1%.

Agriculture’s Dynamic Facets

Within Agriculture, the sector presents an overall growth rate of 5.9%. While most sub-sectors expand, the Forestry and Logging segment contracts by 6.9%, juxtaposed against the buoyant 7.0% growth in the Crops sub-sector.

The Services sector’s perennial dominance underscores its pivotal role, capturing 42.1% of the economic pie, while Industry and Agriculture secure the second and third positions with shares of 33.0% and 24.9%, respectively. Reflecting contemporary economic realities, the nominal GDP for Q3 2023 is estimated at ¢212.36 billion.