Ghana’s provisional Gross Domestic Product grows to 5.7 percent in the second quarter of 2019

The provisional Gross Domestic Product in Ghana has grown to 5.7 percent in the second quarter of 2019.

Ghana’s provisional Gross Domestic Product grows to 5.7 percent in the second quarter of 2019

This represents a 0.3% growth compared to the 5.4 per cent recorded within the same period in 2018 with oil and gas a major contributor.

The Ghana Statistical Service (GSS) made the revelation in a report it issued.

According to the GSS, the main growth drivers for the performance from April to June 2019 were Information and Communication, Mining and Quarrying, Health and Social Work and Real Estate.

The Services sector recorded the highest growth of 6.5%, industry followed with 6.1%, while Agric posted a 3.1% growth rate.

Under the services sector, Information and Communication sub-sector increased from 14.6% in quarter two of 2018 to 52 .8% in the second quarter of 2019.

Real Estate

It was followed by Real Estate, which recorded a 14.9% jump in growth, recovering from its 0.8% contraction in the second quarter in 2018.

Education, Finance and Insurance

Education had 8.9% and Hotel and Restaurant had 6.6%.

Finance and Insurance recorded 1.4% growth while Public, 

Non-Oil Gross Domestic Product and Livestock

Non-Oil Gross Domestic Product for the second quarter of 2019 was down at 4.3% compared to 5% in the same period of last year.

Livestock 5.7 growth pushed the overall growth of the Agric Sector, while crops increase by 4%.

Declined sectors

On the industry sector, Mining and Quarrying sub-sector slowed to 14.0% in the second quarter of 2019 compared to 24.7% in 2018.

The Health and Social Work sub-sector also slowed to 10.3% in the first quarter of 2019 from 26.8% in 2018.

Construction declined by 8.3 per cent, Water Supply, Sewerage, Waste management and remediation was down by 7.9%. Electricity also went down by 7.5%.

Forestry was also down by 6.5 per cent, while fishing also declined by 2.1%.

Administration and Defense, the social sector fell by 2.8%.

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