GDP growth rate increases to 4.8% in 2022 second quarter

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Provisional figures released by the Ghana Statistical Service show that Ghana’s economy grew by 4.8% in the second quarter (April to June) of 2022 compared to the same period in 2021.

Ghana’s real GDP increased by 1.1% in the second quarter (April to June) of 2022; representing 0.2 percentage points higher than what was recorded in the first quarter (January to March) of 2022.

Data from the Ghana Statistical Services shows that this growth was driven by growth in the fishing, manufacturing and education services sub-sectors, with the services sector recording the highest growth of 5.2 percent.

The figure which was announced by the Government Statistician shows that the growth rate of the economy exceeds the revised 2022 Gross Domestic Product (GDP) growth rate of 3.7 percent.

Meanwhile, GDP growth rate without oil and gas (Non-Oil GDP) for the second quarter of 2022 is 6.2 percent which compares to the same period in 2021 with a growth rate of 6.6 percent.

The Services sector recorded the highest growth of 5.2 percent, followed by the Agriculture sector with a growth of 4.6 percent and the Industry sector with a 4.4 percent growth rate.

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The GDP (Including Oil & Gas) estimated at constant 2013 prices for the second quarter of 2022 was GH¢41,205.5 million, compared to GH¢39,304.6 million in the 2nd quarter of 2021.

The Non-oil GDP at constant 2013 prices for the second quarter of 2022 was GH¢38,976.1 million compared to GH¢36,690.0 million in the 2nd quarter of 2021.

The GDP estimate at current prices in purchaser’s value1 for the 2nd quarter of 2022 was GH¢132,263.5 million compared to GH¢102,326.5 million in the 2nd quarter of 2021.

The Non-oil GDP (GDP without Oil and Gas) estimate at current prices for the 2nd quarter of 2022 was GH¢123,080.4 million compared to GH¢97,227.9 million in the 2nd quarter of 2021.

On a sectoral basis, the Services sector continued to be the largest sector of the Ghanaian economy in the period under review with a share of 45.8 percent of GDP at basic prices.

The GDP share of Industry and Agriculture were 32.1 percent and 22.1 percent respectively.

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