Data published by the Ghana Statistical Service (GSS) show that the economy grew by 5.7 percent in the second quarter of 2019 compared to the 6.8 and 6.7 percent respectively in the two previous quarters. This indicates that, since the third quarter of last year that growth increased by 2 percentage points to record 7.4 percent, economic growth has been on a decline trajectory.
In monetary terms, goods and services (including oil) produced in the second quarter was worth some GH¢39.9 billion at constant prices. However, when adjusted to inflation, the economy was worth some GH¢84.1 billion in the second quarter.
Again, from the release, oil continues to be the main driver of the economy as, without it, the economy would have only recorded a 4.3 percent growth. Commenting on this, Head of Department of Finance at the University of Cape Coast, Prof. John Gatsi said there is the need for a national policy detailing how the benefits of oil can be integrated in other sectors to boost growth and create jobs.
From the data, the services sector overtook the industry sector, growing by 6.5 percent whereas the latter grew by 6.1 percent. However, in the previous quarter, industry was the fastest growing sector when it grew by 8.4 percent while services grew by 7.2 percent.
Agriculture sector, on the other hand, maintained its position as the slowest growing sector in the country as it grew by 3.1 percent, albeit, 0.9 percentage point better than the first quarter of this year.
In terms of sectoral distribution, the services sector contributed largest to the economy with 49.1 percent; industry – 53.6 percent; and agriculture – 15.3 percent.
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