Ghana’s economy grew 4.8 per cent year-on-year in the second quarter of 2022 compared with 4.2 per cent for the same period of 2021, the Ghana Statistical Service said on Tuesday.
Government Statistician, Professor Samuel Kobina Annim, said manufacturing, crops, mining and quarrying, information and communication,and education sub-sectors were the main drivers of Gross Domestic Product growth for the second quarter of 2022.
The main sub-sectors with more than 10 percentage expansion in quarter two of 2022 were education (13.2 percent), health (12.7 per cent) and information and communication (12.4 percent).
The five sub-sectors contracted in quarter one of 2022 were professional, administrative and support service activities (-11.0 per cent), real estate (-5.7 per cent), water (-2.7 per cent), electricity (-2.2 per cent) and forestry and logging (-0.2 per cent).
He said GDP growth rate without oil and gas (Non-Oil GDP) contracted in the second quarter of 2022 at 6.2 per cent from 6.6 percent for the same period in 2021.
The Services sector recorded the highest growth of 5.2 per cent, followed by the agriculture sector with a growth of 4.6 per cent and the industry sector with a 4.4 percent growth rate.
The GDP (Including Oil & Gas) estimate at constant 2013 prices for the 2nd 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 2ndt quarter of 2022 was GH¢38,976.1 million compared to GH¢36,690.0 million in the 2nd quarter of 2021.
The GDP growth is the main indicator of economic performance. There are three approaches used to measure GDP: the output approach, the expenditure approach, and the income approach.