Ghana’s economy valued at GH¢349.48 billion

Ghana’s economy valued at GH¢349.48 billion

Ghana’s economy is now valued at GH¢349.48 billion, according to latest estimates from the Ghana Statistical Service.

The revised estimates indicate that the economy expanded from GH¢300.6 billion in 2018 to GH¢349.48 billion in 2019, representing a growth of 6.5 percent.

This is compared to a growth rate of 6.3 percent which was recorded in 2018.

The non-oil GDP also expanded from GH¢289.9 billion to GH¢334.6 billion, representing a growth of 5.8 percent. This is compared to a growth rate of 6.5 percent in 2018.

Per capita income also increased from GH¢10.15 in 2018 to GH¢11.54 in 2019

Sector contributions

The services sector recorded the highest growth, with a growth rate of 7.6 percent followed by Industry (6.4 percent), and agriculture (4.6 percent) respectively.

The services sector remained the largest contributor to the country’s GDP, with its share of GDP increasing from 46.3 percent in 2018 to 47.2 percent in 2019.

The sector's GDP growth rate increased from 2.7 percent in 2018 to 7.6 percent in 2019 and contributed 2.8 percentage points (43.4percent) to the 2019 annual growth rate of 6.5 percent.

Two of the sub-sectors in this sector contributed more than 5 percent to the 2019 annual growth rates.

These are the Information and Communication with a growth rate of 46.5 percent and a contribution of 1.0 percentage points (15.7 percent) to annual growth and the Trade; Repair of Vehicles, Household Goods sub-sector (3.7 percent) which contributed 0.4 percentage point to annual GDP growth.

Industry sector

The Industry sector contributed 2.4 percentage points (37.5 percent) to 2019 annual GDP growth rate, though its share of GDP at basic prices increased by 0.2 percent from 34.0 percent in 2018 to 34.2 percent in 2019.

The main driver of 2019 GDP growth was the Mining and Quarrying subsector, with a growth rate of 12.6 percent and contribution to the growth of 2.0 percentage points (31.2 percent).

There was, however, contraction in the Construction (-4.4 percent) and Water and Sewerage, Waste Management & Remediation Activities (-4.4 percent).

Agriculture sector

The agriculture sector also grew by 4.6 percent in 2019 compared to a growth rate of 4.8 percent in 2018.

Its share to GDP, however declined from 19.7 percent in 2018 to 18.5 percent in 2019.

The crops sector was the third-largest activity in Ghana with a share of 13.8 percent of GDP and contributed 0.7 percentage points to 2019 annual GDP growth.

The forestry and logging sub-sector contracted by -1.7 percent, having recorded a 2.4 percent growth in 2018.