First quarter of 2022 GDP grows by 3.3%

gdp
Government Statistician, Professor Kobina Annin.

By Edzorna Francis Mensah

The Provisional real quarterly Gross Domestic Product (QGDP) growth rate including Oil and Gas, grew 3.3% (year on year) in the first quarter of 2022 compared to 3.6% growth recorded for the same period of 2021.

GDP growth rate without oil and gas (Non-Oil GDP) for the first quarter of 2022 stood at 3.7% which compares to the same period in 2021 with a growth rate of 5.3%.

The agriculture sector recorded the highest growth of 5.6%, followed by the Services sector with a growth of 3.7% and the industry sector with a 1.3 percent growth rate.

Speaking at the news conference in Accra on 22nd June, 2022 by the Government Statistician, Professor Kobina Annin also noted that, the GDP estimate at current prices in purchaser’s value for the 1st quarter of 2022 was GH¢139,390.0 million compared to GH¢115,691.6 million in the 1st quarter of 2021.

He said, “the Non-oil GDP (GDP without Oil and Gas) estimate at current prices for the 1st quarter of 2022 was GH¢131,025.2 million compared to GH¢111,105.1 million in the 18t quarter of 2021.”

Below is the year-on-year rate in the first quarter for the year 2022 under expanded sub-sectors under three major sectors of Agriculture, Industry and services.

Agriculture Sector:

Fishing 26.1%

Livestock 5.5%

Crops 5.2%

Forest & Logging -0.5%

Industry Sector:

Water Supply, Sewerage, Waste Management & Industry Remediation Activities 25.4%

Electricity 15.9%

Manufacturing 2.1%

Mining & Quarrying 0.6%

Construction -2.6%

Services Sector:

Information & Professional, Communication 26.6%

Transport & Storage 6.4%

Hotel & Restaurants 5.3%

Finance & Insurance 4.2%

Administrative & Support -12.8%

Other Personal Service Activities 3.1%

Trade, Repair of Vehicle, Household Goods 2.3%

Professional Administration and Support -12.8%

Public Administration & Defence, Social Security -9.8%

Real Estate -2.6%

Education -2.0%

Health & Social Work -1.0%

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