Consumption in Ghana
Ghana - Consumption
Growth ticks down in Q1 but rapid nonetheless
According to a preliminary estimate released by Ghana’s Statistical Institute, the economy expanded 6.7% year-on-year in the first quarter of the year, down slightly from the previous quarter’s 6.8% increase. In a similar fashion, in quarter-on-quarter, seasonally-adjusted terms, growth moderated slightly from 1.7% to 1.6%.
The industrial sector once again spearheaded the overall expansion, although it lost some stride from the previous quarter (Q1: +8.4% year-on-year; Q4: +8.9% yoy). Surging mining and quarrying output reflected strong dynamics in the oil industry, which, coupled with healthy outturns in the electricity and manufacturing sub-sectors, more than offset a sharp slump in construction activity.
Meanwhile, the services sector accelerated at the fastest rate since Q4 2015 (Q1: +7.2% yoy; Q4: +5.8% yoy), led by the information and communication, as well as health and social work sub-sectors. On a less positive note, growth in the agricultural sector halved (Q1: +2.2% yoy; Q4: +4.4% yoy), marking a three-year low. The deterioration reflected moderate growth in crop output and a contraction in forestry and logging activity.
Looking ahead, the economy should sustain a strong pace of expansion again this year, thanks to solid export growth and robust domestic demand. Fluctuations in global commodity prices and lower-than-anticipated oil production remain key risks to the outlook, however.
Met the why particular panelists expect the economy to expand 6.3% in 2019, which is up 0.1 percentage points from last month’s forecast, and 6.0% in 2020.
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||5.39||0.0 %||Jun 14|
|Stock Market||0.4||0.0 %||Jun 14|
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June 20, 2019
According to a preliminary estimate released by Ghana’s Statistical Institute, the economy expanded 6.7% year-on-year in the first quarter of the year, down slightly from the previous quarter’s 6.8% increase.
June 12, 2019
Consumer prices rose 0.9% over the previous month in May, following a 1.1% month-on-month increase in April.
June 6, 2019
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) ticked down from 51.2 points in April to 50.6 in May, the weakest reading since November 2018.
May 27, 2019
At its three-day meeting which concluded on 27 May, the Monetary Policy Committee (MPC) of the Bank of Ghana (BOG) kept its key policy rate unchanged at a five-year low of 16.00%.
May 16, 2019
Consumer prices rose 1.1% over the previous month in April, following a 1.2% month-on-month increase in March.