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. 2014-04-24

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

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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 [+]
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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

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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.


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