Economy Grows By 4.7% In First Quarter

Ghana’s economy grew by 4.7 per cent year-on-year in the first quarter of this year, compared to the 3.8 per cent recorded in the same period last year, the Ghana Statistical Service (GSS) has revealed.

Mining and quarrying, information and communications as well as the crops sub-sectors witnessed enormous activities that pushed growth in productivity in the economy in the first quarter of the year over the same period last year.

Other contributors to the growth in total productivity, measured by Gross Domestic Product (GDP), for the first quarter of this year, are the construction sub-sector as well as accommodation and food service activities sub-sectors.

Provisional real quarterly gross domestic product (QGDP) growth rate, including oil and gas, over a one-year cycle (year-on year), is 4.7 per cent in the first quarter of 2024. The growth rate recorded in the first quarter of 2023 was 3.8 per cent over the same period in 2022.

The GDP growth rate without oil and gas (non-Oil GDP) for the first quarter of 2024 is 4.2 per cent, compared to the 4.4 per cent recorded in the same period in 2023.

Highest growth

Announcing the 2024 first quarter GDP in Accra yesterday, the Government Statistician, Professor Samuel Kobina Annim, said industry recorded the highest growth of 6.8 per cent, followed by the agriculture sector at 4.1 per cent

“The drivers of growth were the mining and quarrying sub-sectors which contributed 1.48 per cent, followed by the information and communications sub-sectors which contributed 1.01 per cent and crop sub-sector 0.74 per cent.

“Other drivers included the construction sub-sector with a contribution of 0.51 per cent as well as accommodation and food services activities with a contribution of 0.36 per cent to the gross domestic product of the country in the first quarter of 2024,” he said.

Seasonally adjusted GDP

The Government Statistician stated that the provisional quarter-on-quarter seasonally adjusted real gross domestic product (including oil) growth rate for the first quarter of 2024 was 1.2 per cent.
Prof. Annim explained that the agriculture sub-sector expanded by 1.1 per cent in the first quarter of 2024, compared to 1.3 per cent in the fourth quarter of 2023.

He said in the first quarter of 2024, the growth of crops and cocoa sub-sector declined by 0.2 percentage points, growing at 1.2 per cent compared to 1.4 per cent in the fourth quarter of 2023.

He said the fishing sub-sector improved by 0.8 percentage points to grow at 0.9 per cent in the first quarter of 2024 compared to a drop of 0.1 per cent in quarter four of 2023. He said the livestock sub-sector declined by 0.9 percentage points to grow at 1.1 per cent in the first quarter of 2024 compared to 2.0 per cent in the fourth quarter of 2023.

Industry sector

Prof. Annim noted that within the industry sector which grew at 1.8 per cent (quarter on quarter), the water supply, sewerage, waste management and remediation activities recorded a growth of 1.1 per cent in the first quarter of 2024 from a no growth in the fourth quarter of 2023.

“Mining and quarrying sub-sector grew at 3.0 per cent in the first quarter of 2024 from 2.2 per cent in the fourth quarter of 2023. Mining and quarrying activities had a growth rate of 2.2 in the quarter four of 2023 to grow at three per cent in the fourth quarter of 2024.

“Construction activities grew at a rate of 2.2 per cent in the first quarter of 2024 compared to a drop of 3.2 per cent in the quarter four of last year,” he said.

Seven sectors

The Government Statistician stated that seven sub-sectors within the services sector expanded while four sub-sectors contracted, resulting in the sector’s growth of 0.9 per cent in the period under review.

He said the highest expansion was seen in the accommodation and food services sub-sector with a growth of 4.3 per cent in the first quarter of 2024. “The growth in communication and information and finance and insurance activities is 4.2 per cent and 1.7 per cent respectively.

“The least growth was recorded in the health and social work sub-sector,” he added.

Real & nominal quarterly GDP

He said the GDP (including oil and gas) estimate at constant 2013 prices (real GDP) for the first quarter of 2024 was GH¢51 billion compared to GH¢48.72 billion in the same period of 2023.

The non-oil GDP at constant 2013 prices (real GDP) for the first quarter of 2024 was GH¢48.43 billion compared to GH¢46.46 billion in the first quarter of last year. The GDP estimate at current prices (what consumers pay for at current value) for the first quarter of 2024 was GH¢266.68 billion, compared to GH¢212.07 billion for the same period 2023.

The non-oil GDP (GDP without oil and gas) estimate at current prices for the 2024 quarter one was GH¢256.16 billion compared to the GH¢202.96 billion.

GDP sectoral shares

Prof. Annim stated that the services sector continued to be the largest sector of the Ghanaian economy in the first quarter of 2024, with a share of 45.6 per cent of GDP at basic prices.

He said industry and agriculture’s share of the GDP were 30.6 per cent and 23.8 per cent respectively.

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