Rebound of activities in the services sector, particularly growth in the hospitality industry, have impacted positively the economy in Ghana, as gross domestic product recorded 3.9 percent in the second quarter of the year, data from the Ghana Statistical Service (GSS) has shown.
Hospitality industry in the lead
According to the report, the services sector claimed its position as the main driver the economy in Ghana, as it grew by 11 percent in the second quarter, nearly triple the rate it grew in the previous quarter, thereby, restoring the economy into default setting mode, as the sector has cemented its position as the frontrunner of growth, after the agriculture sector took over shortly.
What is even more refreshing is the fact that the hospitality sector, which has contracted heavily over the past one year, has finally emerged out of the thick quagmire, as it saw an impressive growth of 18.7 percent, compared with 10.7 percent in the first quarter of the year. In fact, no sub-sector in services saw a contraction at all in the second quarter.
Contraction in mining and quarrying
The same could not be said of industry though, as it saw a contraction of 4.3 percent, sad news for a sector that showed signs of recovery in the first quarter as it grew by 1.3 percent. The drawback of the sector has mainly been the mining and quarrying sub-sector which also saw a contraction of 18.9 percent, making it the only to experience contraction within the period.
However, the agriculture sector continues to play a vital role in the growth of the economy, especially in this pandemic period, as it grew by 5.5 percent compared with 4.3 percent in the previous quarter. No sub-sector under agriculture experienced contraction in the second quarter.
In terms of overall contribution to growth, half came from the services sector, whereas 29 percent and 21 percent came from industry and agriculture respectively.
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