Prof. Samuel K. Annim
THE COUNTRY recorded an increase in its Gross Domestic Product (GDP) for the third quarter of 2022 recording a growth rate of 2.9 per cent compared to the same period in 2021.
This includes the oil and gas industry.
The GDP growth rate, without oil and gas (Non-Oil GDP) for third quarter of 2022, was 3.6 per cent which compared to the same period in 2021 with a growth rate of 8.2 per cent.
According to the Ghana Statistical Service (GSS), the country’s real GDP, however, increased by 0.7 per cent in quarter three of 2022 representing a 0.3 percentage points lower than what was recorded in quarter two of 2022.
Government Statistician, Professor Samuel K. Annim who released the quarterly GDP at a press meeting said mining & quarrying, information &communication, education, crops, and fishing sub-sectors were the main drivers of GDP growth for the third quarter of 2022.
He further explained that the main sub-sectors with more than 10 percentage expansion in quarter three of 2022 were information & communication with 18.4 per cent, mining & quarrying with 14.9 per cent and education with 10.2 per cent.
For the year-on-year growth, the government statistician said agriculture lead the growth with 4.6 per cent followed by the services sector with3.9 per cent and industry with 0.9 per cent.
Gross Domestic Product (GDP) growth is the main indicator of economic performance.
Prof Annim said the service said the release contains independently compiled quarterly estimates of the Gross Domestic Product (GDP for the 3rd quarter of 2024 using the production approach.
“The estimates are based on the 2008 System of National Accounts (SNA), the International Standard Industrial Classification (Rev.4) published by the United Nations, and the Quarterly National Accounts Manual: Concepts, Data Sources and Compilation prepared by the International Monetary Fund (IMF),” he said.
This means that the methodology, concepts, and classifications are in accordance with the guidelines and recommendations of an internationally agreed system of national accounts.
BY Jamila Akweley Okertchiri