Ghana first quarter real GDP increases by 4.2% – GSS

Ghana’s provisional real Gross Domestic Product (GDP) in volume terms is estimated to have increased by 4.2 per cent in the first quarter of 2023 compared to 3.0 per cent recorded in the same period in 2022, the Ghana Statistical Service (GSS) has said.

Compared to the previous quarter of October to December of 2022, real GDP increased by 1.1 per cent in the first quarter of 2023, 0.3 percentage points higher than what was recorded in quarter four of 2022.

In a Newsletter on Quarterly Gross Domestic Product (QGDP) for First Quarter 2023, the GSS said the GDP, including Oil and Gas estimated at constant 2013 prices for the first quarter of 2023 was GH¢48.9 billion compared to GH¢46.9 billion in the first quarter of 2022.

Meanwhile the Non-oil GDP at constant 2013 prices for the first quarter of 2023 was GH¢46.5 billion compared to GH¢44.1 billion in the first quarter of 2022.

This means a GDP growth rate without oil and gas (Non-Oil GDP) for the first quarter of 2023 is 5.5 per cent compared to 3.7 per cent growth rate recorded in the same period of 2022.

On the other hand, the GDP estimate at current prices in purchaser’s value for the first quarter of 2023 was GH¢202.6 billion compared to GH¢141.1 billion in the first quarter of 2022.

While the Non-oil GDP estimate at current prices for the first quarter of 2023 was GH¢193.5 billion compared to GH¢133.2 billion in the first quarter of 2022.

According to the GSS, sub sectors, including Public Administration, Defence and Social Security, Health, Education, Information and Communication were the main drivers of GDP growth for the first quarter of 2023.

“Main sub-sectors with more than 10 percentage expansion in quarter one of 2023 included Public Administration, Defence and Social Security (37.6 per cent), Health & Social Work (31.6 per cent), Education (26.0 per cent), Information & Communication (18.9 per cent).

“Seven sub-sectors contracted in quarter one of 2023 are: Water Supply, Sewerage, Waste Management & Remediation Activities (- 6.4 per cent), Construction (-6.0 per cent), Wholesale and retail trade; repair of motor vehicles and motorcycles (-5.3 per cent), Fishing (-3.3 per cent), Mining and quarrying (-2.9 per cent), Manufacturing (-2.5 per cent) and Hotels and Restaurants (-0.2 per cent),” GSS highlighted in the Newsletter.

It observed that the services sector recorded the highest growth of 10.1per cent, followed by the agriculture sector with a growth of 4.8 per cent and the industry sector with a contraction of 3.2 per cent growth rate.

“The services sector continues 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. The GDP share of Industry and Agriculture were 32 percent and 21 percent respectively,” the GSS said.

Source: gna