Ghana’s Gross Domestic Product(GDP) is expected to grow at the rate of 6.9% this year.
This is according to the latest provisional data provided by the Ghana statistical service.
The GDP is an estimate of the total value of goods and services produced in a country and it aims to capture the true monetary value of an economy.
Of the growth rate projected, the agricultural sector’s growth is estimated at 5.3percent, Industry at0.5percent while the services sector by about 4.6percent.
The services sector is expected to contribute about 50.2percent to the GDP, industry by about 29.2percent and the agric sector by about 20.6percent.
Government has projected the economy will grow at a rate of 7.1 percent this year, contrary to projections from the International Monetary fund (IMF) which makes a forecast of 4.5percent growth this year.
Government statistician, Dr Philomena Nyarko speaking to Citi Business News said she is quite positive, government’s projection of 7.1 can be met.
Meanwhile year on year GDP for the second quarter of this year grew by 5.3percent compared to a high rate of 10.8percent recorded for the same period of last year.
The Agric sector recorded the highest growth rate of 8.5%, while the services sector recorded a growth rate of 2.1%.
Following challenges with industry this year, the sector declined by 0.5%.
The greatest contributors to growth were livestock production which expanded by 36.7%, financial and insurance activities which increased by 21% and Forestry and logging activities which grew by 13.5%.
Ghana’s GDP for the second quarter was estimated at 26.1billion cedis while non-oil GDP at current prices was estimated at 25.3billion cedis.
The Agric sector made up 11.8% of GDP, Industry 30.4% and Services sector 57.8%.
By: Anim Kwaku Boadu/citifmonline.com/Ghana