The most recent information launched by the Ghana Statistical Service (GSS) reveals a combined efficiency for the nation’s financial system within the first quarter of 2023.
Whereas sure sectors skilled contraction, the providers sector emerged because the driving power behind financial progress.
In accordance with the report, seven sub-sectors witnessed a decline in efficiency. The Water Provide, Sewerage, Waste Administration & Remediation Actions sector contracted by 6.4%, adopted carefully by Building at 6.0%.
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Wholesale and retail commerce, together with the restore of motor automobiles and bikes, skilled a decline of 5.3%.
The Fishing trade confronted a contraction of three.3%, whereas Mining and Quarrying and Manufacturing reported contractions of two.9% and a couple of.5%, respectively. The Resorts and Eating places sub-sector additionally recorded a slight decline of 0.2%.
In distinction, the Companies sector displayed resilience, with 9 sub-sectors experiencing growth. Public Administration, Protection & Social Safety led the expansion with a powerful 37.6% improve, adopted by Well being & Social Work at 31.6%, Schooling at 26.0%, and Info & Communication at 18.9%. Nonetheless, Commerce, Restore of Car and Family Items noticed a contraction of 5.3%, and the Lodge & Eating places sub-sector contracted by 0.2%.
Inside the Agriculture sector, optimistic progress charges had been noticed in Livestock at 6.6%, Crops and Cocoa at 5.2%, and Forestry & Logging at 1.5%. Nonetheless, Fishing skilled a decline of three.3%.
The Trade sector, other than the Electrical energy sub-sector with a progress fee of three.5%, confronted contractions throughout the board.
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Regardless of the numerous performances throughout sectors, the Companies sector maintained its place as the biggest contributor to Ghana’s financial system, accounting for 47% of the GDP within the first quarter of 2023. The Trade sector adopted at 32%, whereas Agriculture constituted 21% of the general financial system.