Ghana GDP Growth Rate

The Gross Domestic Product (GDP) in Ghana expanded 2.70 percent in the fourth quarter of 2013 over the previous quarter. GDP Growth Rate in Ghana is reported by the Ghana Statistical Service. GDP Growth Rate in Ghana averaged 2.09 Percent from 2006 until 2013, reaching an all time high of 7.80 Percent in the first quarter of 2011 and a record low of -5.90 Percent in the second quarter of 2010. Ghana's has one of the highest GDP per capita in West Africa. The country has a diverse and rich resource base with gold, timber, cocoa, diamond, bauxite, and manganese being the most important source of foreign trade. In 2007, an oilfield which may contain up to 3 billion barrels of light oil was discovered. Yet, in spite of abundance of natural resources, a quarter of the population lives below the poverty line. This page provides - Ghana GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. 2014-04-18

Actual Previous Highest Lowest Forecast Dates Unit Frequency
2.70 -4.40 7.80 -5.90 2.18 | 2014/06 2006 - 2013 Percent Quarterly

TO

Ghana GDP Growth Rate
LIST BY COUNTRY

GDP Last Previous Highest Lowest Forecast Unit
GDP 40.71 2012-12-31 39.20 40.71 1.20 46.03 2014-06-30 USD Billion [+]
GDP Constant Prices 7430.70 2013-08-15 7393.70 130410.40 4410.00 7428.90 2014-06-30 GHS Million [+]
GDP Growth Rate 2.70 2013-12-31 -4.40 7.80 -5.90 2.18 2014-06-30 Percent [+]
GDP Annual Growth Rate 4.90 2013-12-31 4.90 19.10 2.20 2.14 2014-06-30 Percent [+]
GDP per capita 724.54 2012-12-31 686.19 724.54 324.32 805.35 2014-06-30 USD [+]
GDP per capita PPP 1764.86 2012-12-31 1671.46 1764.86 789.98 1961.71 2014-06-30 USD [+]
[+]


Ghana’s Economy Advances 2.7% QoQ in Q4

Ghana GDP growth accelerated to a quarter-on-quarter seasonally adjusted 2.7 percent in the last three months of 2013. Figures for the previous quarter were revised to show a 4.4 percent contraction, down from a 0.5 percent expansion initially reported.

The agriculture sector grew 4.8 percent in the fourth quarter of 2013, up from 0.3 percent in the previous period, as livestock activities and fishing increased by 8.5 and 10.1 percent, respectively, helped by seasonal factors. In contrast, activity in crops and cocoa subsector shrank 0.3 percent, and forestry and logging contracted 12.5 percent, due to declines in food production and forest plantation investment.

Industry fell for the second consecutive quarter, but at a slower 1.3 percent, due to higher production of gold (+20.7 percent from -6.1 percent), manganese (+26.5 percent from -19.0 percent) and crude oil and related activities (+5.0 percent from -15.0 percent). On the other hand, manufacturing fell 19.0 percent after contracting 14.0 percent in the previous period, due to lower production of refined petroleum related products (-51.2 percent), rubber and plastics (-20.5 percent) and wood (-6.7 percent).

Services activities grew 2.1 percent, down from 3.6 percent, due to lower transport and storage activities, (4.1 percent from 6.2 percent), trade activities (-3.4 percent from 2.6 percent) and business activities (5.5 percent from 7.3 percent). However, public administration services rose 1.9 percent (from -2.6 percent) and education increased 5.7 percent (from 0.7 percent).

Year-on-year, the GDP expanded 4.9 percent in the fourth quarter of 2013, unchanged from the previous period growth rate.

Ghana Statistical Service | Isabel Felino | Isabel.felino@tradingeconomics.com
4/14/2014 3:47:48 PM

RECENT RELEASES

Lower Gold Production Hurts Ghana GDP
Ghanaian economy slowed sharply in the third quarter of 2013 and rose a meager 0.5 percent over the previous quarter, down from a 3.9 percent expansion in the previous three-month period. A sharp fall in global gold prices prompted some mines to cut production. Published on 2014-02-03

Ghana GDP Growth Accelerates to 3.9% QoQ in Q2
In the second quarter of 2013, Ghana’s GDP grew a seasonally adjusted 3.9 percent over the previous quarter. It is the highest growth rate in four quarters, mainly due to a rebound in the services sector. Published on 2013-09-26


GDP Growth Rate | Notes
The GDP Growth Rate shows a percentage change in the seasonally adjusted GDP value in the certain quarter, compared to the previous quarter. Because of climatic conditions and holidays, the intensity of the production varies throughout the year. This makes a direct comparison of two consecutive quarters difficult. In order to adjust for these conditions, many countries calculate the quarterly GDP using so called seasonally adjusted method. The Gross Domestic Product can be determined using three different approaches: the product, the income, and the expenditure technique, which should give the same result. In sum, the product technique sums the outputs of every class of enterprise. The expenditure technique works on the principle that every product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying products and services. The income technique works on the principle that the incomes of the productive factors must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes.


RELATED NEWS

Ghana’s Economy Advances 2.7% QoQ in Q4  
Ghana GDP growth accelerated to a quarter-on-quarter seasonally adjusted 2.7 percent in the last three months of 2013. Figures for the previous quarter were revised to show a 4.4 percent contraction, down from a 0.5 percent expansion initially reported.
Ghana GDP Expands 4.9% YoY in Q4  
Ghana's economy advanced 4.9 percent year-on-year in the fourth quarter of 2013. It is the slowest expansion since the third quarter of 2010. Considering the full year, the GDP expanded 7.1 percent.
Ghana Inflation Rate Rises to 4-Year High  
Ghana annual inflation rate increased even further to 14.5 percent in March of 2014. Consumer prices accelerated for the seventh consecutive month, recording the highest inflation rate since February of 2010.
Ghana Inflation Rate at 14% in February  
Ghanaian consumer prices kept its upward trend and rose 14 percent in February of 2014, up from 13.8 percent in January. The inflation rose for the sixth straight month, driven by higher fuel prices, mainly kerosene and transport and dairy costs.
Ghana Inflation Rate Up to 4-Year High  
In January of 2014, Ghana’s annual inflation rate accelerated to 13.8 percent from 13.5 percent in the last month of 2014. It is the highest growth rate since February of 2010.
Lower Gold Production Hurts Ghana GDP  
Ghanaian economy slowed sharply in the third quarter of 2013 and rose a meager 0.5 percent over the previous quarter, down from a 3.9 percent expansion in the previous three-month period. A sharp fall in global gold prices prompted some mines to cut production.
Ghana Q3 2013 GDP Disappoints  
In the third quarter of 2013, Ghana’s GDP growth slowed sharply to 0.3 percent year-on-year from 6.1 percent in the previous quarter, hurt by lower gold and oil production.
Ghana Inflation Rate Edges Up to 13.5% in December  
In December of 2013, Ghana annual inflation rate accelerated for the fourth straight month to 13.5 percent from 13.2 percent recorded in November. It is the highest rate in almost four years, mainly due to higher prices of water supply, electricity, transport, kerosene and gas.
Ghana Inflation Rate Slightly Up to 13.2% in November  
In November of 2013, Ghana’s inflation rate rose marginally to 13.2 percent, from 13.1 percent in October, driven by higher housing, water, electricity, gas, fuel and transport prices.
Ghana Inflation Rate Accelerates to 13.1% in October  
In October of 2013, Ghana’s annual inflation rate rose to a fresh three-year high of 13.1 percent, from 11.9 percent in September. The rise is mainly due to higher cost of non-food items like housing, gas, water, fuels, transport and clothing.
MORE RELATED NEWS

LATEST NEWS

Chile Leaves Monetary Policy Unchanged  
At its April 17th, 2014 meeting, Central Bank of Chile left the benchmark interest rate on hold at 4 percent, following last month's cut, citing low output and demand, but hinted possible future rate cuts, depending on domestic and external conditions.
Russia Unemployment Drops in March  
Russian jobless rate fell for the first time in four months to 5.4 percent, after remaining stable at 5.6 percent in the previous two months.
Canada Inflation Rises Above Forecasts in March  
The annual consumer prices in Canada accelerated to 1.5 percent in March of 2014 following a 1.1 increase in the previous month, as energy prices surged.
US Jobless Claims Rise Slightly  
In the week ending April 12, the advance figure for seasonally adjusted initial claims was 304,000, an increase of 2,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 300,000 to 302,000. There were no special factors impacting this week's initial claims.
Brazil Unemployment Rate Down to 5%  
In March of 2014, Brazil’s jobless rate fell by 0.1 percentage point to 5 percent, below market forecasts. A year earlier, unemployment reached 5.7 percent.
Dutch Unemployment Rate Falls for the First Time in 2014  
In March of 2014, Netherlands’ seasonally adjusted jobless rate fell to 8.7 percent from 8.8 percent in the previous month and 8.1 percent a year earlier, as more people left permanently the labor market rather than found jobs.
Singaporean Trade Surplus Narrows Sharply in March  
The trade surplus decreased 51.1 percent in March of 2014 over a year earlier and 47.2 percent from February to SGD 2.3 billion. Imports rose at a faster pace than exports, as sales of pharmaceuticals and electronics fell, while shipments of petrochemicals and re-exports contributed to overall increase.
Mozambique Leaves Lending Rate Steady at 8.25%  
At its April 16th, 2014 meeting, Bank of Mozambique left its benchmark interest rate unchanged at 8.25 percent for the sixth consecutive meeting, saying this was consistent with meeting domestic economic targets for 2014.
Spanish Trade Deficit Narrows to 4-Month Low  
In February of 2014, Spanish trade gap decreased to € 1.62 billion, down from € 2.82 billion in the previous month. Compared with the same month a year earlier, the trade deficit widened 37 percent.
Angolan Inflation Rate Down To 7.32% in March  
The annual consumer prices in Angola decelerated for the second consecutive month to 7.32 percent in March of 2014, from 7.48 percent recorded in February of 2014.
MORE TOP NEWS

OVERVIEW    |     WORLBANK    |     [+] Calendar    |     [+] Countries    |     [+] Indicators    |     News