Figures released by the Ghana Statistical Service (GSS) has shown that Ghana’s Gross Domestic Product (GDP) has expanded by 9.3 percent in the third quarter of 2017, largely driven by the industrial sector.
The figure represents a 0.3 percent increment from what was recorded in the previous quarter and 4.7 percent higher than the 4.6 percent recorded in the third quarter of last year.
In monetary terms, the economy (including oil) is worth some GH₵53.1 billion when adjusted to inflation, compared to the GH₵44.4 billion it was worth same period last year.
And in constant terms, using 2006 as the base year, the economy, in the third quarter of 2017, is worth GH₵10.8 billion, compared to GH₵9.9 billion same period last year.
Also in sectoral terms, the industrial sector outperformed the two other sectors—agriculture and services. The industrial sector grew by 16.6 percent, whereas agriculture and services grew by 10 and 5.7 percent respectively.
However, the services sector maintained its position as the largest contributor to the economy with 53.4 percent, followed by industry with 23.6 percent and 23 percent for the agriculture sector.
Subsectors in the industrial sector that were the main drivers are mining and quarrying which recorded the highest growth of 40.8 percent, followed by water and sewerage with 21.5 percent, electricity with 15.3 percent, manufacturing 5.2 percent, and construction 2.6 percent.
Even though the construction sector recorded the least growth, it is an improvement of what was recorded in the previous quarter when it grew by a measly 0.8 percent.
This also serves as a good sign of real estate investors to see the opportunity that exist in the construction sector, as government has said it wants to bridge the housing deficit with a Public Private Partnership.
Green Views, one of the fastest growing real estate companies in Ghana, is poised to take advantage of this situation, as it has started selling out its new ultramodern luxurious apartments in Airport Residential Area in Accra. The facility will be ready for habitation by mid-year of 2018.