GDP per capita in Ghana
Ghana - GDP per capita (U.S. Dollars)
Economy rounds off 2018 with solid performance in Q4, although loses some momentum
The economy logged a robust performance in the final quarter of 2018, although the pace of expansion moderated somewhat. GDP growth fell to 6.8% on an annual basis in Q4, down from Q3’s one-year high of 7.4%. The drop was due to a more notable downturn in the oil and gas sector, while non-oil activity sustained a strong expansion. Overall, the economy lost pace in 2018, with full-year growth declining to 6.3% (2017: +8.1%).
A breakdown by production showed that the industrial sector logged the best performance among the three key sectors, although lost speed from the third quarter, reflecting a wider slowdown in global industry (Q4: +8.9% year-on-year; Q3: +11.7% yoy). A sharper contraction in the energy sector amid a fall in oil prices and a marked slowdown in manufacturing activity, as growth cooled in key trading partners, chiefly drove the deceleration. In addition, growth of the agricultural sector also weakened, from 5.5% in Q3 to 4.4%, as the hot, dry weather conditions weighed on output.
On the other hand, the services sector picked up, expanding 5.8% annually in Q4, from 3.5% in Q3. This suggests robust domestic demand dynamics. Financial and insurance activities rebounded, while trade, repair of vehicles, household goods; information and communication; and public administration sub-sectors accelerated.
Meanwhile, in quarter-on-quarter, seasonally-adjusted terms, the economy slowed slightly: GDP grew 1.7% over the previous quarter in Q4, down from Q3’s 1.8% upturn.
Looking ahead, the economy should sustain a strong pace of expansion again this year, thanks to higher export growth and solid domestic demand. A surge in government spending on increased infrastructure development, however, raises uncertainties around fiscal discipline, now that Ghana has exited its four-year long IMF program.
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 - GDP per capita (USD) Data
|GDP per capita (USD)||1,767||1,418||1,346||1,511||1,654|
5 years of economic forecasts for more than 30 economic indicators.
|Exchange Rate||5.23||0.0 %||May 13|
|Stock Market||0.1||0.0 %||May 13|
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May 16, 2019
Consumer prices rose 1.1% over the previous month in April, following a 1.2% month-on-month increase in March.
May 6, 2019
The Stanbic IBTC Bank Ghana Purchasing Managers’ Index (PMI) ticked down from 51.5 points in March to 51.2 in April.
April 18, 2019
The economy logged a robust performance in the final quarter of 2018, although the pace of expansion moderated somewhat.
April 15, 2019
Consumer prices rose 1.2% over the previous month in March, following a 1.0% month-on-month increase in February.
April 15, 2019
The Ghanaian cedi bounced back at the outset of the second quarter, after depreciating sharply in Q1.