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Ghana's GDP growth slows to 3.9 pct in 2015

Xinhua, April 28, 2016 Adjust font size:

Ghana's Gross Domestic Product (GDP) growth rate slowed to 3.9 percent in 2015 from 4.0 percent in 2014, the Ghana Statistical Service has said.

"In constant terms, the 2015 revised annual growth is estimated at 34.8 billion cedis or 9.07 billion dollars, putting revised GDP growth rate for 2015 provisionally at 3.9 percent," Baah Wadieh, Deputy Government Statistician, disclosed on Wednesday.

Non-oil GDP grew by 8.47 billion dollars, or 4.1 percent, in 2015.

Services grew at a rate of 5.1 percent, the agriculture sector grew by 2.4 percent, and the industry sector, 1.2 percent.

Services increased in size to 54.4 percent of the overall GDP in 2015 from 51.9 percent in 2014.

The agriculture sector accounted for 20.3 percent of the overall GDP, down from 21.5 percent in 2014, and the industry sector slid to 25.3 percent, compared with 26.6 percent in 2014.

Ghana's economy has suffered from more than two years of power crisis, which led to blackouts.

While the problem seemed to be going away, a curtailment of gas supply has brought back the precarious situation of the previous years.

Some analysts expect an International Monetary Fund (IMF) support program for the country to boost economic growth. Endit