Consumption in Ghana

Ghana Consumption | Economic News & Forecasts

Ghana - Consumption

Growth picks up steam in the third quarter

According to provisional data released by Ghana’s Statistical Service, the economy expanded 7.4% in annual terms in the third quarter, a one-year high and up markedly from the 5.4% growth logged in the second quarter. Buoyant non-oil activity spearheaded the reading, pointing to the solid fundamentals of the Ghanaian economy.

All three key sectors of the economy posted an improvement in Q3. Industrial production growth accelerated, increasing 11.7% in annual terms, up from 11.1% in Q2, largely on the back of the booming mining and quarrying sub-sector which more than offset a contraction in the water supply, sewerage, waste management and remediation activities sub-sector. Furthermore, annual growth in the agricultural sector edged up to 5.5% in Q3, from 4.8% in Q2, against the backdrop of higher crop yields. Lastly, the services sector shifted into a much higher gear in the third quarter, expanding 3.5% year-on-year, up from a meagre 0.5% yoy increase in the previous quarter amid a marked expansion in the health and social work sub-sector.

In quarter-on-quarter seasonally-adjusted terms, the economy grew 1.8% in the third quarter, up from the previous quarter’s 1.3% increase.


Ghana GDP Forecast


Met the why particular panelists expect GDP to expand 5.9% in 2019, which is down 0.3 percentage points from last month’s forecast, and 5.6% in 2020.

Ghana - Consumption Data

2013  2014  2015  2016  2017  
Consumption (annual variation in %)15.9  -5.9  4.3  2.9  -     

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Note: Private consumption (annual var. in %)
Source: Ghana Statistical Services

Ghana Facts

ValueChangeDate
Exchange Rate5.110.0 %Feb 20
Stock Market0.10.0 %Feb 20

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