Baah Wadieh (middle) addressing the media. With him are officials of the GSS
PROVISIONAL annual GDP estimates (including oil) for 2017 was GH?39,175.0 million while the estimate for 2016 was GH?36,103.6 million.
This translates into a provisional annual Oil GDP growth rate of 8.5% for 2017.
The provisional constant annual GDP estimate (excluding oil) for 2017 was GH?34,378.7 million while the value recorded for 2016 was GH?34,378.7 million. This also translates into a provisional annual non-Oil GDP growth rate of 4.9% for 2017.
Acting Government Statistician, Baah Wadieh, who disclosed this to the media yesterday in Accra, said sectorally industry recorded the highest growth of 17.5 percent, outperforming the services and agricultural sectors in the fourth quarter of 2017, the Ghana Statistical Service (GSS) has disclosed.
The services sector recorded 3.4 percent growth rate while the agricultural sector growth rate for the period was 8.5 percent.
He said provisional real Gross Domestic Product (GDP), including oil for the fourth quarter of 2017 grew by 8.1 percent on year-on-year basis compared to the 4.5 percent recorded for the fourth quarter of 2016.
Breakdown in growth
Under industry, Mr Wadieh said mining and quarrying recorded 43.9 percent growth; construction 5.0 percent; water and sewerage 3.5 percent; electricity 2.8 percent and manufacturing 1.3 percent.
For agriculture, the Acting Statistician observed that crops recorded 9.7 percent; livestock 4.6 percent; fishing 4.4 percent; forestry and logging 3.0 percent.
Mr Wadieh explained that health and social work recorded 24.2 percent growth; education 13.1 percent; information and communication 12.2 percent; real estate, professional, administrative and support 3.3 percent; hotel and restaurants 2.5 percent; finance and insurance 1.8 percent, with trade, repair of vehicle, household goods recording 1.5 percent.
Value
He disclosed that the oil GDP estimate at current prices at purchaser’s value for the fourth quarter of 2017 was GH¢56,304.8 million compared to GH¢47,351.5 million in the fourth quarter of the previous year.
For non-oil GDP, he said, estimate at current prices for the fourth quarter of 2017 was GH¢ 52,433.9 million compared to GH¢45,901.6 million in the fourth quarter of 2016.
Mr Wadieh indicated that oil GDP estimate at constant 2006 prices for the fourth quarter of 2017 was GH¢10,876.8 million compared to GH¢10,057.8 in the fourth quarter of 2016, adding that the non-oil GDP estimate at constant 2006 prices for the fourth quarter during the period was GH¢9,922.3 million compared to GH¢9,453.2 million in the fourth quarter of 2016.
Inflation
The acting government statistician also gave a picture of how inflation for March, this year fared.
He said year-on-year inflation rate for March was 10.4 percent compared to the 10.6 percent recorded in February 2018, while the monthly change rate was 1.1 percent compared to 0.9 percent recorded in February 2018.
According to him, the year-on-year non-food inflation rate for March 2018 was 11.8 percent compared to the rate of 12.2 percent recorded in February 2018.
The year-on-year non-food inflation rate of 11.8 percent is more than one and half times that of the food inflation rate of 7.3 percent.
The year-on-year food inflation rate for March 2018 was 7.3 percent compared to 7.2 percent recorded in February 2018.
Again, he said in March 2018, the year-on-year inflation rate for imported items 11.8 percent was 2.0 percentage points higher than that of locally produced items (9.8%).
The main ‘price drivers’ for the non-food inflation rate were Transport (18.4%), Clothing and footwear (16.4%), Recreation and Culture (12.6%), Miscellaneous goods and services (12.0%) and Furnishing, Household Equipment and Routine Maintenance (11.9%).
The “price drivers” for the food inflation rate were coffee, tea and cocoa (10.6%), fruits (9.8%), meat and meat products (8.8%), mineral water, soft drinks, fruit and vegetable juices (8.7%), vegetables (8.2%) and food products n.e.c (8.1%).
Five regions-Upper West, Brong Ahafo, Greater Accra, Ashanti and Western- recorded inflation rates higher than the national average of 10.4 percent.
Upper West Region recorded the highest year-on-year inflation rate of 11.9 percent followed by Brong Ahafo Region (11.3%), while the Upper East Region recorded the lowest year-on-year inflation (8.0%) in March 2018.
By Melvin Tarlue