Provisional estimates from the Ghana Statistical Service show that the economy expanded by 2.0% in the third quarter of 2023.
This is lower than the pre-pandemic average Gross Domestic Product (GDP) growth rate of 5%.
For non-oil GDP, the economy grew at a rate of 2.1%.
According to the figures from the GSS, the Agriculture and Services sectors expanded by 5.9% and 2.0% respectively. However, Industry contracted by 4.3%.
For the Agric sector, all the sub-sectors expanded except Forestry and Logging which contracted by 6.9%. The Crops sub-sector registered the highest growth rate of 7.0%.
All the 10 sub-sectors in the Services sector expanded.
Information and Communication sub-sector registered the highest GDP growth rate of 17.3%. It was followed by Accommodation and Food Services Activities (11.2%)
With regard to Industry, the Construction (-8.3%), Mining and Quarrying (-8.1%) and Electricity (-1.8%) sub-sectors contracted. Interestingly, the Manufacturing sector grew at a rate of 2.1%.
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