Consumption in Ghana
Ghana - Consumption
GDP growth moderates in Q1
A provisional estimate released by Ghana’s Statistical Service on 27 June shows that the economy kicked off 2018 on softer footing. GDP expanded 6.8% annually in Q1, after clocking impressive growth rates in the second half of 2017 (Q3 2017: +9.7% year-on-year; Q4 2017: +8.1% yoy).
The slowdown was driven by a sizeable drop in industrial production growth, which slowed from 17.5% year-on-year in Q4 to 9.6%. Industrial production decelerated despite the sustained momentum in mining and quarrying output growth (Q1: +28.0% yoy; Q4 2017: +43.9% yoy) which came on the back of Ghana’s buoyant oil sector. In addition, agricultural output growth also decelerated markedly at the beginning of the year, coming in at 2.8% in annual terms in Q1 (Q4 2017: +8.5% yoy) due to weaker crops. Q1’s print marked the weakest readings for both the industry and agricultural sectors since Q4 2016.
The performance of the services sector, which accounted for just over 60% of GDP in Q1, was comparatively healthier, with the expansion in the first quarter (Q1: +5.2% yoy) markedly above Q4 2017’s 3.4% growth. Double-digit growth in the information and communication sub-sector led the expansion, offsetting a notable contraction in the finance and insurance sub-sector.
In quarter-on-quarter seasonally-adjusted terms, the economy expanded 1.5% in the first quarter, decelerating from the previous quarter’s 2.1% increase.
Looking ahead, the recovery should be sustained but moderate somewhat as the base effect from an increase in oil and gas production last continues to evaporate. Nevertheless, the continued expansion of the non-oil sectors and robust domestic demand amid easing inflationary pressures are projected to keep activity buoyant over the coming years.
Ghana GDP Forecast
Met the why particular panelists expect GDP to expand 7.1% in 2018, which is down 0.2 percentage points from last month’s forecast, and 6.2% in 2019
Ghana - Consumption Data
|Consumption (annual variation in %)||15.9||-5.9||4.3||2.9||-|
5 years of economic forecasts for more than 30 economic indicators.
Source: Ghana Statistical Services
|Exchange Rate||4.89||0.0 %||Dec 14|
|Stock Market||0.1||0.0 %||Dec 13|
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December 12, 2018
Consumer prices rose 0.7% in November, unchanged from the previous month’s print.
December 5, 2018
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) rose from 50.2 points in October to 50.5 points in November.
November 26, 2018
At its three-day meeting concluding on 26 November, the Monetary Policy Committee (MPC) of the Bank of Ghana (BOG) decided to keep the policy rate on hold at 17.00%.
November 15, 2018
Consumer prices rose 0.7% in October from the previous month (September: 0.0% month-on-month).
November 5, 2018
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) rose to 50.2 points in October from 49.2 points in September.