Ghana’s 2022 GDP Hits 3.7% – GSS

beachfmonline.comApr 19, 2023 5:38 PM

Ghana’s preliminary real Gross Domestic Product (GDP) has increased by 3.7% in volume terms in the fourth quarter of 2022.

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On Wednesday, April 19, 2023, the Ghana Statistical Service (GSS) published the Quarterly Gross Domestic Product (QGDP) newsletter, which made this information public.

The Ghana Statistical Service (GSS) reports that when seasonally adjusted, Ghana’s real GDP expanded by 0.8% in the fourth quarter of 2022, which is 0.3 percentage points more than what was reported in the third quarter of the same year.

The statistical office also identified the main contributors to GDP growth for the fourth quarter of 2022 as the subsectors of Mining & Quarrying, Information & Communication, Public Administration, Defense & Social Security, Crops, and Education.

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Furthermore, the GSS stated in the report that the provisional real quarterly gross domestic product (QGDP) growth rate, which includes oil and gas, will be 3.7% (year over year) in the fourth quarter of 2022.

The growth at the same time in 2021 was 5.6%.

The non-oil GDP growth rate for the fourth quarter of 2022 is 4.3%, which is lower than the 6.9% growth rate for the same quarter in 2021.

The largest growth was seen in the services sector (7.6%), which was followed by the agriculture sector (3.6% growth), and the industry sector (1.0 percent growth rate).