Ghana’s GDP growth rate for 2nd quarter of 2021 hits 3.9% (GH¢39M)

By Edzorna Francis Mensah.

The provisional real Quarterly Gross Domestic Product (QGDP) growth rate between April to June 2021 including Oil and Gas has reached 3.9% (year on year) in the Second Quarter and in the same period of 2020, the growth was -5.7%.

This was estimated at constant 2013 prices for the 2nd quarter of 2021 recording GH¢39,162.2 million compared to GH¢37,710.3 million in the 2nd quarter of 2020.

The non-oil GDP at constant 2013 prices for the 2nd quarter of 2021 was GH¢36,369.9 million compared to GH¢34,580.9 million in the 2nd quarter of 2020.

GDP growth rate without oil and gas (Non-Oil GDP) for the 1st quarter of 2021 is 5.2% which compared to the same period in 2020 with a growth rate of -5.8%.

Addressing journalists in Accra, Government Statistician, Professor Samuel Kobina Anim, stated that the Services Sector has recorded the highest growth of 11% and was followed by the Agriculture Sector with a growth of 5.5% and the Industry Sector contracted by recording 4.3%.

Under the nominal quarterly Gross Domestic Product, between the period under review, Professor Anim noted that ”the GDP estimate at current prices in Purchaser’s Value for the 2nd quarter of 2021 was GH¢101,945.7 million compared to GH¢88,470.1 million in the 2nd quarter of 2020”.

He said, “the Non-oil GDP (GDP without Oil and Gas) estimates at current prices for the 274 quarter of 2021 was GH¢97,489.6 million compared to GH¢85,661.5 million in the 2nd quarter of 2020.”

On the GDP Sectoral shares, “the Services sector was the largest sector of the Ghanaian economy in the second quarter of 2021 with a share of 50 percent of GDP at basic prices. The GDP share of Industry and Agriculture were 29 percent and 21 percent respectively,” according to the Ghana Statistical Service.

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