The Real Gross Domestic Product (Including Oil) for the 2nd Quarter of 2018 Grew by 5.4 (Year-On-Year) compared to 11.1% recorded for the 2nd quarter of 2017.
The Industry Sector recorded the highest growth of 11.1%; The Agriculture Sector followed with 4.8% and The Services Sector recorded 0.5%.
Speaking at the news conference in Accra, the Acting Government Statistician of the Ghana Statistical Service (GSS), Baah Wadieh, said the Oil GDP estimate at current prices at purchases value for the 2nd quarter of 2018 was GHc71, 870.0 million compared to GHc62, 734.7 million in the 2nd quarter of 2017. The non-oil GDP estimate at current prices for the 2nd quarter of 2018 was GHc69, 260.4 million compared to GHc61, 282.7 million in the 2nd quarter of 2017.
According to him, “the GDP estimate at constant 2013 prices for the 2nd quarter of 2018 was GHc37, 804.9 million compared to GHc35, 869.3 million in the 2nd quarter of 2017. The non-oil GDP at constant 2013 prices for 2nd quarter of 2018 was GHc35, 317.9 million compared to GHc33, 651.3 million in the 2nd quarter of 2017.”
In the Agriculture Sector, the Livestock Subsector grew by 1.1% compared to 1.3% in the 1st quarter of the 2018. The crop Subsector grew by 1.0% in the 2nd quarter of 2018, compared to 1. 4% growth recorded in the 1st quarter of 2018. The fishing Subsector recorded the least growth rate of 0.5%withing The Agriculture Sector.
Within the Industry Sector, the mining and Quarrying Subsector grew by 5.9% in 2nd quarter of 2018 compared to 5.7% in the 1st quarter of 2018. The Electricity Subsector grew by 2.3% in the 2nd quarter of 2018 compared to 0.2% growth recorded in the 1st quarter 2018. Water and Sewage Subsector recorded the least growth rate of -0.9%, compared to 0.4% in the 1st quarter of 2018.
In the Services Sector, Health and Social Works grew by 5.9%, same as the growth rate recorded in the 1st quarter of 2018. The information and communication Subsector grew by 3.3%in the 2nd quarter of 2018compared to 3.7% in the 1st quarter of 2018. The least growth rate of -3.8% was observed in Finance and Insurance Subsector.
In related development, The Producer Price Inflation (PPI) rate for September, 2018 was 5.6%. this rate indicates that, between September 2017 and September, 2018 (year-on-year) The PPI has increased by 5.6%, representing 1.4% point decrease in producer inflation relative to the rate recorded in August, 2018, (7.0%).
Story by Edzorna Francis Mensah.
