Provisional figures released by the Ghana Statistical Service (GSS) show that Ghana’s Gross Domestic Product (GDP) for the first quarter of 2018 grew by 6.8 percent.
This compares with the 6.7 percent recorded in the same period last year.
For the first quarter of this year (2018), the Oil GDP estimate at current prices for the first quarter of 2018 was GHS 9,148.7 million compared GHS 8,564.3 million in the first quarter of 2017.
The non oil GDP estimate at current prices for the first quarter of 2018 was GHS 51,710.5 million compared to GHc46,640.1 million in the first quarter of 2017.
According to the GSS, the Industry sector recorded the highest GDP growth of 9.6 percent, followed by Services sector with 5.2 percent, and Agricultural sector with 2.8 percent for the first quarter of this year.
Addressing journalists, acting Government Statistician, Baah Wadieh explained that the rise is due to activities in extractive industry.
“The GDP grew by 6.8 percent for the first quarter of 2018 and the rise is attributed to growth in the Mining and Quarrying subsectors which grew by 28.0%, Information and Communication by 25.9 %, Health and Social Work which grew by 9.7%.” he stated.
He added that “ Water and Sewerage grew by 9.2%, Real Estate, Professional, Administrative and Support grew by 7.7% and Livestock which grew by 5.4%”.
Meanwhile, the Producer Price Inflation (PPI) which measures the ex factory prices of goods increased to 7.1 percent in May this year.
This was up by 0.7 percent compared to the 6.4 percent recorded in April.
According to Mr. Wadieh, the increase was as a result of the increase in petroleum prices in the month of April.
“It’s the result of increases in the inflation rate in the manufacturing sector, if you observe the inflation rate in the manufacturing subsector has gone up and that is accounting for what you see as the rise in all industry inflation and that increase in the inflation in the manufacturing subsector is a result of increase in the inflation rate in prices for the petroleum products,”he said.
“As was witnessed between April and May 2018 the inflation rate in the petroleum subsector went from 15.9 % to 25.5%, resulting in the inflation in the manufacturing sector,” he added.
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By: Anita Arthur/citibusinessnews.com/Ghana