1st Quarter GDP Grows By 6.6%


Ken Ofori Atta

Real Gross domestic Product (GDP) for the first quarter of 2017 grew by 6.6 percent (year-on-year) compared to 4.4 percent recorded for the first quarter of 2016.


The industry sector recorded the highest growth of 11.5 percent; the agriculture sector followed with 7.6 percent and services with 3.7 percent.


The oil GDP estimate at current prices at purchaser's value for the first quarter of 2017 was GH¢44,731.8 million compared to GH¢36,041.3 in the first quarter of 2016


The non-oil GDP estimate at currency prices for the first quarter of 2017 was GH¢42,965.3 million compared to GH¢36,041.3 in the first quarter of 2016.


The oil GDP estimate at constant 2006 prices for the first quarter of 2017 was GH¢8,557.8 million compared to GH¢8,028.4 million in the first quarter of 2016.


The non-oil at constant 2006 prices for the first quarter of 2017 was GH¢7,931.0 million compared to GH¢7,634.0 million in the first quarter of 2016.


The sub-sectors that recorded double digit-digit positive growth rates are Mining & Quarrying (32.8 percent), Fishing (31.6 percent) and Information & Communications (12.0 percent).

 

Contraction was, however, observed in the Hotel & Restaurant (-2.0 percent) and Public Administration, Defense and Social Security (-6.5 percent) subsectors.


On the quarter-on-quarter seasonally-adjusted growth rates in the fishing sub-sector grew by 8.4 percent compared to 1.3 percent in the fourth quarter of 2016 in the agriculture sector.


The livestock sub-sector grew by 1.2 percent in the first quarter of 2017 compared to 1.8 percent growth in the fourth of 2016.


Forestry & Logging and the crop sub-sectors recorded growth rate of 0.8 percent and 0.6 percent, respectively in the first quarter of 2017.


Within the industry sector, the mining and quarrying sub-sector grew by 7.6 percent in the first quarter of 2017 compared to 2.6 percent in the fourth quarter of 2016.


Water and Sewage sub-sector recorded the least growth rate of 0.2 percent compared to 0.6 percent in the fourth quarter of 2016.


In the services sector, Information and Communication grew by 2.7 percent compared to the 4.6 percent growth rate recorded in the fourth quarter of 2016.


The Hotels & Restaurants and Public Administration; Defense and Social Security sub-sectors contracted with rate of -0.5 percent and -1.5 percent respectively in the first quarter.


By Rosemary Twum

 

Source:  Daily Guide