GDP Grows 4.2% In Q1 2023 | Economic system

The economic system grew 4.2 % within the first quarter of 2023 – January to March – in comparison with 3.0 in the identical interval of 2022, based on provisional estimates launched by the Ghana Statistical Service (GSS).

This progress was pushed by the companies and agriculture sectors, which recorded progress charges of 10.1 % and 4.8 % respectively. Trade nonetheless contracted by 3.2 % in the identical interval.

GSS additionally reported that the non-oil Gross Home Product (GDP) progress charge for the primary quarter of 2023 was 5.5 %, in comparison with 3.7 % in the identical interval in 2022. The non-oil GDP was estimated at GH¢46.55billion within the first three months of 2023, up from GH¢44.11billion within the first quarter of 2022.

The companies sector continued to be the biggest, with a 47 % share of GDP at fundamental costs within the first quarter. The GDP share of trade and agriculture was 32 % and 21 %, respectively. In line with authorities statistics, the general public administration, defence and social safety; well being; training; and knowledge and communication sub-sectors have been the primary drivers of GDP progress for the primary quarter of 2023, with progress charges of 37.6 %, 31.6 %, 26.0 % and 18.9 % respectively.

Nonetheless, seven sub-sectors contracted in quarter considered one of 2023. These embody water provide, sewerage, waste administration and remediation actions (-6.4 %); building (-6.0 %); wholesale and retail commerce – restore of motor autos and bikes (-5.3 %); fishing (-3.3 %); mining and quarrying (-2.9 %); manufacturing (-2.5 %); and lodges and eating places (-0.2 %).

The seasonally-adjusted actual GDP elevated by 1.1 % within the first quarter of 2023 – 0.3 proportion factors greater than that recorded within the fourth quarter (October to December) of 2022. The GSS additionally reported that the quarter-on-quarter seasonally-adjusted actual GDP, together with oil, progress charge for first-quarter 2023 was 1.1 %.

Inside the trade sector, the mining and quarrying sub-sector declined from 3.2 % in fourth-quarter 2022 to -0.7 % within the first-quarter 2023. The electrical energy sub-sector had progress of 0.9 % within the first quarter of 2023 in comparison with -3.4 % within the fourth quarter of 2022. The manufacturing sub-sector improved barely to -0.7 % within the first quarter of 2023 from -2.5 % within the fourth quarter of 2022.

Within the companies sector, data and communication sub-sector slowed to 4.4 % within the first quarter of 2023 from 5.0 % within the fourth quarter of 2022. Public administration, defence and social safety, well being and social work actions, and training recorded progress charges of 8.3 %, 7.3 %, and 5.7 % respectively within the first quarter of 2023, up from 3.7 %, 2.2 % and three % respectively within the fourth quarter of 2022.

Commerce, restore of autos, family items declined to -1.7 % within the first quarter of 2023 from 0.7 % within the fourth quarter of 2022. The expansion in finance and insurance coverage actions declined by 0.4 proportion factors from 2.4 % within the fourth quarter of 2022 to 2 % within the first quarter of 2023. Actual property grew at 0.9 % within the first quarter of 2023 from -3.9 % within the fourth quarter of 2022.

The actions {of professional}, administrative and assist companies expanded by 1.1 proportion factors from the -1.7 % recorded within the fourth quarter of 2022 to 0.8 % within the first quarter of 2023.