Prof Samuel Annim
GHANA’S ECONOMY grew by 5.4% in 2021 with the growth rate of the economy exceeding the 2021 Gross Domestic Product (GDP) growth rate of 5.1 percent, Government Statistician, Prof Samuel Annim, has stated.
The economy grew at the fastest rate in two years in 2021, beating forecasts by the government and the International Monetary Fund after a better-than-expected fourth quarter.
Prof Annim said the quarter-on-quarter seasonally adjusted GDP growth rate for the 4th quarter of 2021 was 1.8%. This means that the value of goods and services produced in the 4th quarter of 2021 grew by 1.8% over the value recorded in the 3rd quarter of 2021.
Commenting on sector by sector performance, he said the year-on-year quarterly GDP growth rate for Agriculture was 8.2% for the fourth quarter of 2021 while the Fishing sub-sector recorded the highest year-on-year growth rate of 21.2% as the Forestry and logging sub-sector recorded the lowest growth rate of 3.4%.
The year-on-year quarterly GDP growth rate for the Industry sector was 4.8% for 2021Q4.
The Water & Sewerage sub-sector recorded the highest year-on-year quarterly GDP growth rate of 21.7% for the 2021 last quarter, while the Mining & Quarrying sub-sector recorded the lowest growth rate of 0.5%.
For the fourth quarter of 2021, the Services sector recorded a year-on-year quarterly GDP growth rate of 8.1%.
The Information & Communication sub-sector recorded the highest year-on-year quarterly GDP growth rate of 52.3% while the Health & Social Work sub-sector contracted (-13.1%).
The provisional current annual GDP estimate (including oil) for 2021 was GH¢459,130.9 million. The GDP estimate for 2020 was GH¢391,940.7 million. The provisional current annual GDP estimate (excluding oil) for 2021 was GH¢437,975.2 million. The estimate for 2020 was GH¢378,147.9 million.
The provisional constant annual GDP estimate (including oil) for 2021 was GH¢175,057.3 million while the estimate for 2020 was GH¢166,157.2 million. This translates into a provisional annual Oil GDP growth rate of 5.4% for 2021. The provisional constant annual GDP estimate (excluding oil) for 2021 was
GH¢163,430.4 million. The value recorded for 2020 was GH¢152,869.2 million. This translates into a provisional annual non-Oil GDP growth rate of 6.9% for 2021.
Prof Samuel Annim