Ghana: Economy decelerates further in Q3
January 21, 2016
In the third quarter, GDP expanded 3.6% over the same quarter of the previous year. The figure marked a deceleration over the 3.8% growth observed in the previous quarter and the slowest increase in over a year.
According to the Ghana Statistical Service (GSS), the expansion in Q3 was mainly driven by a rebound in the agriculture sector, which increased 3.2% on an annual basis (Q2: -0.9% year-on-year). Conversely, growth in industry slowed from 4.5% in Q2 to 3.6% in Q3, which marked the slowest increase in three quarters. In addition, the service sector grew only 4.9% in the third quarter, which was a slowdown over the impressive 11.9% increase recorded in the second quarter.
According to preliminary estimates released by the Ghana Statistics Service (GSS), the economy has likely shown growth of 4.1% in 2015. The figure marks an improvement over the 4.0% increase seen in the previous year. Moreover, the non-oil GDP grew 4.2% last year, which is also an improvement over the 3.9% growth tallied in 2014.
Author: Dirina Mançellari, Senior Economist