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GDP for 3rd quarter of 2018 grew by 7. 4%

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The provisional Real Gross Domestic Product for the 3rd quarter of 2018 grew by 7.4% (year-on-year) compare to 8.7% recorded in the 3rd quarter of 2017.

The Industry Sector recoded the highest Growth of 11.7%; The Agriculture Sector followed with 5.5% and Services with 3.5%.

Speaking at the media briefing in Accra, The Acting Government statistician, of the Ghana Statistical Service (GSS), Baah Wadieh noted that, The Oil GDP estimates at current prices at purchaser’s value for the 3rd quarter of 2018 was GH¢ 75, 008. 4 Million compared to GH¢63, 447. 4 Million in the 3rd quarter of 2017.

But the non-oil GDP estimates at current prices for the 3rd of 2018 was GH¢ 72, 546. 6 Million compared to GH¢60. 985, 6 Million in the 3rd quarter of 2017.

According to him, “The Oil GDP estimate at constant 2013 prices for the 3rd quarter of 2018 was GH¢39,299.4 million compared to GH¢36,605.6 million in the 3rd quarter of 2017.

The Non-oil GDP at constant 2013 prices for the 3rd quarter of 2018 was GH¢ 36,27 2.7 million compared to GH¢33,438.6 million in the 3rd quarter of 2017”.

The Provisional quarter-on-quarter seasonally-adjusted Real Gross Domestic Product (including Oil) growth rate for the 3rd quarter of 2018 was 1.8 percent.

For the 3rd quarter of 2018, the quarter-on-quarter seasonally-adjusted growth rates were as follows:

“In the Agriculture sector, the Crops sub-sector grew by 1.6 percent, compared to 1.0 percent in the 2nd quarter of 2018. The Livestock sub-sector grew by 1.1 percent in the 3ml quarter of 2018, same as recorded in the 2nd quarter of 2018. The Fishing sub-sector recorded the least growth rate of -O.3 percent within the Agriculture sector.”

Within the Industry sector, the Mining and Quarrying sub-sector grew by 5.9 percent in the 3rd quarter of 2018, compared to 5.9 percent same as recorded in the 2nd quarter of 2018.

The Manufacturing sub-sector grew by 1.6 percent in the 3rd quarter of 2018, compared to 0.7 percent growth recorded in the 2nd quarter of 2018.

Water Supply, Sewerage, Waste Management & Remediation Activities sub-sector recorded the least growth rate of -1.2%, compared to -0.9% in the 2nd quarter of 2018.

In the Services sector, Health,  Social Work grew by 6.1 percent, compared to 5.9 percent growth rate recorded in the 2nd quarter of 2018.

The Information Communication sub-sector grew by 2.4 percent in the 3rd quarter of 2018 compared to 3.3 percent in the 2nd quarter of 2018.

The least growth rate of -5.1 percent was observed in the Real Estate sub-sector.

Story by Edzorna Mensah

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