Prof. Samuel Annim, Government Statistician
PROVISIONAL REAL quarterly gross domestic product (GDP) growth rate including oil and gas recorded 3.3 per cent (year on year) in the fourth quarter of 2020 compared to a growth of 6.0 per cent recorded for the same period in 2019.
The Ghana Statistical Service (GSS), which made this known in its latest newsletter, said without oil and gas, the GDP growth rate for the fourth quarter of 2020 was 4.5 per cent, compared to a growth rate of 5.9 per cent for the same period in 2019.
It said the agriculture sector recorded the highest growth of 8.2 per cent, followed by the services sector with a growth of 4.6 per cent, adding there was however a contraction (-0.4 per cent) in the industry sector.
Value at current prices
The GSS noted that the GDP (including Oil and Gas) estimate at constant 2013 prices for the fourth quarter of 2020 was GH¢43,842.6 million compared to GH¢42,455.3 million in the 4th quarter of 2019.
It continued that the Non-oil GDP at constant 2013 prices for the fourth quarter of 2020 was GH¢40,616.8 million compared to GH¢38,877.2 million in the fourth quarter of 2019.
“The GDP estimate at current prices in purchaser’s value for the fourth quarter of 2020 was GH¢101,856 million compared to GH¢91,225.9 million in the fourth quarter of 2019. The Non-oil GDP (GDP without Oil and Gas) estimate at current prices for the 4th quarter of 2020 was GH¢87,878.7 million compared to GH¢81,095.5 million in the 4th quarter of 2019,” it highlighted.
GDP Sectoral Shares
The services sector evolved the largest sector of the Ghanaian economy in the fourth quarter of 2020 with a share of 40 per cent of GDP at basic prices, the GSS stated, adding that the GDP share of industry and agriculture were 39 per cent and 21 per cent respectively.
Seasonally Adjusted GDP
Regarding the provisional quarter-on-quarter seasonally adjusted real gross domestic product (including oil) growth rate for the fourth quarter of 2020, GSS noted that was 0.8 per cent.
BY Samuel Boadi