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Ghana’s economy grows by 8.5% in 2017

Ghana’s economy recorded a growth of 8.5 percent in 2017.



This is twice the figure recorded in 2016 where the economy grew by 3.7 percent.

But for the fourth quarter of 2017 between October and December, the total value of all goods and services produced in the country including oil, amounted to 56.3 billion cedis. This is higher compared to the 47.3 billion cedis recorded in the same period in 2016.

The Deputy Government Statistician in charge of operations, Anthony Amuzu explained to Citi Business News the growth is as a result of the growth recorded in the Mining and Quarrying subsector.

“In 2017, the provisional annual estimates including oil, grew by 8.5 percent but then the non oil GDP grew at 4.9 percent, there was a lot of oil production in 2017, with the coming on board of the TEN oil fields and that has shot up the GDP for 2017”.

“And if you take the industry sector for example mining and quarrying which includes oil and gas contributed about 46% of which oil contributed about 80% , so it has been driven largely by the mining and quarrying sub sector which includes oil and gas”, he explained.

Data released by the Ghana Statistical Service (GSS) show that in the Agriculture sector, the Crops sub sector grew by 3.5 percent, compared to 3.3 percent in the 3rd quarter of 2017.

The Livestock sub- sector grew by 1.7 percent in the 4th quarter of 2017, compared to 1.3 percent growth recorded in the third quarter of 2017.

The Forestry and Logging sub sector recorded the least growth rate of 0.4 percent within the Agriculture sector.

Within the industry sector, the Mining and Quarrying sub sector grew by 10.1 percent in the 4th quarter of 2017, compared to 9.8 percent in the 3rd quarter of 2017.

The construction sub sector grew by 1.1 percent in the 4th quarter of 2017, compared to 1.7 percent growth recorded in the 3rd quarter of 2017.

Manufacturing sub sector recorded the least growth rate of 0.3 percent, compared to 0.6 percent in the 3rd quarter of 2017.

In the Services sector, Health and Social Works grew by 5.2 percent compared to 7.4 percent growth rate recorded in the 3rd quarter of 2017.

The least growth rate of -1.1 percent was observed in the Public Administration, Defence and Social Security sub sector.



Source:Citibusinessnews.com/Ghana

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