Ghana’s provisional real Gross Domestic Product (GDP) was estimated to have increased by 3.1% in the first quarter (January to March) of 2021 compared to the same period in 2020.
When seasonally adjusted, Ghana real GDP increased by 0.8% in first quarter (January to March) of 2021; same as recorded in quarter four (October to December) of 2020.
GDP growth rate without oil and gas (Non-Oil GDP) for first quarter 2021 is 4.6% which compares to the same period in 2020 with a growth rate of 7.9%.
The Agriculture sector recorded the highest growth of 4.3% and was followed by the Services sector with a growth of 4.0%. The Industry sector also expanded by 1.3 percent.
According to Ghana Statistical Service, the Construction, Manufacturing, Crops and Information and Communication sub-sectors were the main drivers of GDP growth for the first quarter of 2021.
The release read by the Government Statistician, Prof. Samuel Kobina Annim for the main sub-sectors that expanded in first quarter of 2021, were Information & Communication which stood at 22.1%, followed by Construction (14.2%) and the rest are: Manufacturing (6.1%), Public Administration, Defense & Social Security (5.8%), Crops and Cocoa (4.9%) and Trade, Repair of Vehicles, House Goods (2.7%).
Sub-sectors that contracted in first quarter of 2021 were: Mining and Quarrying (-11.2%), Hotel and Restaurants (-10.7%), Forestry & Logging (-9.3%), Fishing (-3.6%) and Professional, Administrative & Support Service activities (-2.9%).
According to the Chief Statistician, “the GDP (Including Oil & Gas) estimate at constant 2013 prices for the 1st quarter of 2021 was GH¢45,378.1 million compared to GH¢43,999.5 million in the 1st quarter of 2020.
The Non-oil GDP at constant 2013 prices for the 1st quarter of 2021 was GH¢42,820.0 million compared to GH¢40,948.1 million in the 1st quarter of 2020”.
Story by Edzzorna Francis Mensah
