Provisional GDP for 2017 third quarter grew by 9.3% - statistical service

The Ghana Statistical Service has disclosed that, the Provisional Real Gross Domestic Product (including Oil) for the 3rd quarter of 2017 grew by 9.3% (year-on-year‘). 

The Real Gross Domestic Product for the 3rd quarter of 2017 grew by 9.3% (year-on-year) compared to 4.6% recorded for the 3“1 quarter of 2016. 

Speaking at the news conference in Accra, the Acting Government Statistician of the GSS, Baah Wadieh, said, "The Industry sector recorded the highest growth of 16.6%; the Agriculture sector followed with 10.0% and Services with 5.7%."

According to him, The Oil GDP estimate at current prices at purchaser's value for the 3rd quarter of 2017 was GH¢56,199.9 million compared to GH¢45,464.0 million in the 3ml quarter of 2016. 

"The Non-oil GDP estimate at current prices for the 3rd quarter of 2017 was GH¢53,198.7 million compared to GH¢44,489.9 million in the 3m quarter of 2016."

The Service noted that, "The Oil GDP estimate at constant 2006 prices for the 3rd quarter of 2017 was GH¢ 10,830.? million compared to GH¢9,913.0 million in the 3rd quarter of 2016. 

The Non-oil GDP at constant 2006 prices for the 3rd quarter of 2017 was GH¢9,960.4 million compared to GH¢9,407 .5 million in the 3rd quarter of 2016."

On Seasonally-Adjusted GDP, the Real Gross Domestic Product (including oil) growth rate for the 3rd quarter of 2017 was 2.5%.

In the Agriculture sector, the Fishing sub-sector grew by 14.2%, compared to -4.4% in the 2nd quarter of 2017. 

The Crops sub-sector grew by 3.3% in the 3rd quarter of 2017, compared to 0.9% growth recorded in the 2nd quarter of 2017.

 The Forestry and Logging sub-sector however, contracted by a growth rate of -O.3%. 

Within the Industry sector, the Mining and Quarrying sub-sector grew by 9.8% in the 3rd quarter of 2017, compared to 12.1% in the 2nd quarter of 2017.

 The Water and Sewerage sub-sector grew by 5.2% in the 3rd quarter of 2017, compared to 3.2 % growth recorded in the 2nd quarter of 2017.

 Construction sub-sector recorded the least growth rate of 0.6%, compared to 0.2% in the 2nd quarter of 20 17. 

In the Services sector, Health and Social Works grew by 5.4% compared to the 4.5% growth rate recorded in the 2nd quarter of 2017 . 

The Public Administration, Defence and Social Security sub-sector grew by 3.5% in the 3rd quarter of 2017 compared to 0.5% in the 2rd quarter of 2017. 

The least growth rate of -1.0% was observed in the Finance and Insurance sub-sector, GSS announced.

Story by Francis Edzorna Mensah

GBCONLINE
---DECRYPTED---