GHANA STATISTICAL SERVICE (GSS): ECONOMY GROWS BY 2.9% IN Q4 (2023) EXCEEDS GOVT TARGET OF 1.5% – PROF. ANNIM

Ghana’s economy grew by 2.9% in quarter four of 2023, according to the latest figures from the Ghana Statistical Service (GSS).
This is a 0.9 percentage point drop from the 3.8% recorded in 2022 but higher than the government’s revised target of 1.5% for the period under review.
Addressing the media on Wednesday 20 March 2024, the government statistician, Professor Samuel Kobina Annim, attributed the growth rate mainly to a dip in industry and services.

The Statistical Service indicated that the last quarter of 2023 recorded the highest real GDP growth rate, which was 3.8 percent, the same growth rate recorded in the fourth quarter of 2022.
In terms of nominal values, GSS noted that the country’s GDP, including Oil and Gas estimate at constant 2013 prices for the fourth quarter of 2023, was GHS 50,645.7 million (about 50 billion) compared to GHS48,796.8 million (about 48bn) in the fourth quarter of 2022.

On a sectorial basis, the services sector recorded the highest growth of 5.1 per cent, followed by the agriculture sector at 4.5 per cent, while the industry sector recorded a GDP growth of 1.6 per cent.

The Statistical Service noted that this was the first time in about 11 years that four of the 22 sub-sectors (Crops; Trade, Repair of Vehicles and Household Goods; Mining and Quarrying and Manufacturing) have accounted for more than 50 per cent of Ghana’s GDP.

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