Ghana: Economy expands by 6.6% in quarter 3, 2021; highest since 2019

Ghana’s economy expanded by 6.6% in the 3rd quarter of this year, provisional data from the Ghana Statistical Service indicates.

But in the same period of 2020, the growth rate was -3.2%.

However, without oil, the economy grew at a rate of 8.6% in the nine months of 2021.

This is a significant increase from what was recorded the same period last year, which was a contraction, as a result of the Covid-19 pandemic.

The main sub-sectors that expanded in quarter three of 2021 are Education (24.2%); Health & Social Works (20.5%); Information & Communication (17.0%); Professional Administrative & Support (16.7%); Hotel & Restaurants (16.4%); Public Administration & Defence, Social Security (16.3%), Fishing (14.3%); Real Estate (11.5%); Crops (9.8%).

For sectoral growth rates, the Services sector recorded the highest growth rate of 13.4%, followed by the Agriculture sector with 9.2%.

However, Industry contracted by 2.0%. This was as a result of contraction in the mining sub sector.

Manufacturing (7.5%), Water supply, Sewerage, Waste Management and Remediation Activities (6.7%, Electricity (5.1%) and Construction (1.7%) however all recorded expansion in their sub sectors.

Government Statistician, Professor Samuel Kobina Annim, explained that this is the highest growth rate since the second quarter of 2019 which recorded 7.5 percent growth rate for non-oil GDP.

GDP sectoral shares

According to the data, the Services sector was the largest sector of the Ghanaian economy in the third quarter of 2021 with a share of 45% of GDP at basic prices.

The GDP share of Industry and Agriculture were 31% and 24% respectively.

Real quarterly GDP: July to September 2021

The GDP (Including Oil & Gas) estimate at constant 2013 prices for the 3rd quarter of 2021 was ¢43.09 billion compared to ¢40.440 billion in the 3rd quarter of 2020.

The Non-oil GDP at constant 2013 prices for the 3rd quarter of 2021 was ¢39.974 billion compared to ¢36.82 billion in the 3rd quarter of 2020.

Source: joyonline