Ghana's GDP grows 4.9 pct in Q1 2016

Ghana's economy including oil production grew by 4.9 percent year-on-year in the first quarter (Q1) of 2016, relative to the 4.5 percent growth realized in the same quarter last year, Ghana Statistical Service (GSS) has announced.

Without oil the Gross Domestic Product (GDP) grew by 6.6 percent over the 4.6 percent recorded for Q1, 2015.

The Quarter-on-quarter growth for the period under review was 1.1 percent relative to the 1.0 percent growth recorded in Q1, 2015.

According to Government Statistician, Philomena Nyarko, "the value of 2016 Q1 GDP estimated at current price including oil was 37.51 billion Ghana cedis, or 9.50 billion U.S. dollars, relative to the estimated value of 32.53 billion cedis or 8.24 billion dollars for the economic growth in Q1 2015."

Excluding oil the value of the provisional 2016 Q1 GDP estimated at current price is the equivalent of 9.84 billion dollars, relative to a value of 7.9 billion dollars recorded for the economic growth in Q1 2015.

Ghana's GDP basket includes Agriculture, Industry and Services sectors.

The Services sector recorded the highest growth during the quarter under review with 8.8 percent growth and also remained the largest sector in the economy with a share of 60.1 percent.

The performance of the Services sector was boosted by the performance of Information and Communications Technology (ICT) with 18.8 percent, year-on-year while Other Personal Service Activities sub-sector recorded the lowest year-on-year growth rate within the Services sector with 2.5 percent.

Although the Industry sector maintained it's hold as the second largest economic sector with a 27.7 percent share in GDP, it's growth was the least during the Q1 of 2016 with -1.1 percent.

"With a 12.2 percent share in GDP, the year-on-year growth rate for the Agricultural sector during the period being reviewed was 2.8 percent," Nyarko added.

The West African country's economy grew approximately 4.0 percent full year in 2015, according to GSS data. Endit