Provisional figures released by the Ghana Statistical Service (GSS) reveal that Ghana’s economy in the last quarter of 2015 grew by 4.9 per cent.
This is a few points up from the figure recorded during the same period in 2014, during the fourth quarter of 2014 the economy grew by 4.5%.
The growth of the economy is measured by the Gross Domestic Product (GDP) which is the total value of all finished goods and services produced within a specific time period.
According to the GSS oil GDP at current prices for the 4th quarter of 2015 inclusive of the oil sector amounted to GH¢37,409.8 million compared to GH¢36,676.9 million in the 3rd quarter of 2015 while GDP estimate at current prices without the oil sector for the 4th quarter of 2015 was GH¢35,457.2 million compared to GH¢34,916.0 million in the 3rd quarter of 2015.
Meanwhile GDP at Constant 2006 Prices for Oil GDP for the 4th quarter of 2015 was GH¢9,632.2 million compared to GH¢9,378.3 million in the 3rd quarter of 2015, while Non-oil GDP estimate at constant 2006 prices for the 4th quarter of 2015 was GH¢9,160.3 million compared to GH¢8,851.1million in the 3rd quarter of 2015.
The industry sector recorded the highest growth of 7.2%, followed by the Services sector with 5.2% and Agriculture sector, 4.0%.
Meanwhile GDP shares for the various sectors show that in the same period – 4th quarter of 2015, agriculture was 28.3%; industry was 22.1% and services was 49.6%.
According to the GSS the seasonally adjusted GDP showed that for the 4th quarter of 2015, the Agriculture sector grew by 1.4 percent in the 4th quarter compared to 2.0 percent in the 3rd quarter of 2015.
In the Agriculture sector, Livestock subsector increased by 2.4% in the 4th quarter of 2015 compared with the 1.1% growth recorded in the 3rd quarter of 2015.
Crops (including cocoa) expanded by 1.5% compared with the 2.5% growth recorded in the 3rd quarter of 2015.
The Forestry & Logging sub-sector recorded the least growth of 0.4% compared with 1.4% in the 3rd quarter of 2015.
There was a 1.7 percent growth in the Industry sector in the 4th quarter of 2015 compared to 0.5 percent growth in the 3rd quarter of 2015.
Within the industry sector, Water & Sewerage sub-sector increased by 5.3%, compared with 4.3% recorded in the 3rd quarter of 2015.
The Mining & Quarrying subsector recorded a growth of 2.4% compared with -2.8% in the 3rd quarter of 2015.
The Electricity sub-sector recorded the least growth of 0.5% compared with a contraction of 3.7% recorded in the 3rd quarter of 2015.
The Services sector grew by 1.3 percent in the 4th quarter compared to 1.0 percent in the 3rd quarter of 2015.
In the Services sector, Public Administration increased by 4.1% compared with 1.5% recorded in the 3rd quarter of 2015.
The Health sub-sector expanded by 4.0%, same as recorded in the 3rd quarter of 2015.
There was, however, a contraction in the Community, Social and Personal Service Activities sub-sector by 3.5% compared with a contraction of 4.2% in the 3rd quarter of 2015.
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By: Vivian Kai Lokko/citibusinessnews.com/Ghana