The third quarter Gross Domestic Product (GDP) estimate for this year at current prices, including oil, was estimated at GH¢56,199.9 million, acting Government Statistician has announced.
Mr Baah Wadieh, who was addressing the media in Accra Wednesday, said the corresponding value recorded for the third quarter of 2016 was GH¢45,646.0 million.
In constant terms, the third quarter 2017 GDP was estimated at GH¢10,830.7 million compared to the third quarter of 2016, which had an estimated value of GH¢9,913.0 million.
He also revealed that the year-on-year producer inflation for all industry stood at 7.1 percent in November 2017, with the monthly change rate at 0.1 percent.
“The Mining and Quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 14.4 percent followed by the Manufacturing sub-sector with 7.3 percent. The Utilities sub-sector recorded the lowest year-on-year producer inflation rate of 0.5 percent.
“With respect to the monthly changes, Manufacturing recorded the highest rate of 0.2 percent followed by the Mining and quarrying sub-sector with 0.1 percent. The Utilities sub-sector recorded no change.
Manufacturing
Five out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 7.3 percent.
Manufacture of coke, refined petroleum products recorded the highest inflation rate of 27.7 percent while manufacture of food and of food products and beverage recorded the lowest producer price inflation rate of -1.6 percent.
Petroleum price
The producer inflation rate in the petroleum sub-sector was -0.2 percent in November 2016. The rate increased to -0.1 percent in December 2016.
In January 2017, the rate declined to -6.9 percent, but increased consistently to 5.3 percent in March 2017.
It declined to -1.2 percent in April 2017 and then to -4.5 percent in May 2017.
Subsequently, it increased consistently to record 36.9 percent in October 2017, but declined to 27.7 percent in November 2017.
By Samuel Boadi