The Services Sector maintained its position as the lead contributor to economic growth in the second quarter of the year, data from the Ghana Statistical Service (GSS) has revealed
The sector, which has consistently been the highest contributor to the country’s Gross Domestic Product (GDP), contributed 49.1 per cent of the total GDP, while the agriculture and industry sectors lagged behind with 15.3 per cent and 35.6 per cent respectively.
In monetary terms, the services sector contributed GHC38.7 billion, followed by the industry sector with GHc27.9 billion, while the agriculture gave GHC12.08 billion. The GDP estimate at current prices for the 2nd quarter of 2019 was GHC84.1 billion compared with GHC72.5 billion in the 2nd quarter of 2018.
The Government Statistician, Professor Samuel Kobina Annim, who announced the figures at a news conference on September 18, said “the services sector still remained the largest sector of the Ghanaian economy in the second quarter of 2019 with a share of 49.1 per cent of GDP at basic prices.
The GDP share of industry and agriculture were 35.6 per cent and 15.3 per cent respectively.”
For the second quarter of 2019, the Services sector recorded a year-on-year quarterly GDP growth rate of 6.5 per cent.
The Information and Communication sub-sector recorded the highest year-on-year quarterly GDP growth rate of 52.8 per cent, while the Public Administration, Defence and Social Security sub-sector recorded the lowest growth of -2.8 per cent.
The year-on-year quarterly GDP growth rate for the Industry sector was 6.1 per cent for the second quarter of 2019.
The Mining and Quarrying sub-sector recorded the highest year-on-year quarterly GDP growth rate of 14.0 per cent for the period under review, while the construction sub-sector recorded the lowest, with a contraction -8.3 per cent.
In the agriculture sector, the crops sub-sector grew by 0.8 per cent, compared with 0.6 per cent in the first quarter of 2019. The Livestock sub-sector grew by 1.2 per cent in the 2nd quarter of 2019, compared to 1.3 per cent growth rate recorded in the 1st quarter of 2019.
The Fishing sub-sector recorded -0.4 per cent compared to -0.3 in the 1st quarter of 2019. The Forestry and Logging sub-sector recorded the least growth rate of -1.7 per cent within the agriculture sector.
Value of economy
The 2019 quarter two (Q2) GDP at current prices was estimated at GH₵84.1 billion. The corresponding value recorded for Q2 2018 was GH₵72.5 billion.
The year-on-year quarterly GDP growth rate including oil for Q2 2019 was 5.7 per cent compared to the 5.4 per cent recorded for Q2 2018.
The year-on-year quarterly GDP (Non-Oil) growth rate for Q2 2019 was 4.3 per cent compared to the 5.0 per cent recorded for Q2 2018 showing a decline of 0.7 per cent from 2018Q2.
The quarter-on-quarter seasonally adjusted GDP growth rate for the second quarter of 2019 was 1.4 per cent. This means that the value of goods and services produced in the second quarter of 2019 grew by 1.4 per cent over the value recorded in the 1st quarter of 2019.