GHANA’S services sector is expected to contribute about 50.2percent to the country’s GDP industry by about 29.2percent and the agric sector by about 20.6percent.
This the fourth consecutive times that the services sector maintained the position.
Overall, the country’s GDP as per the Ghana Statistical Service (GSS) provisional data for the quarter under review is expected to grow at the rate of 6.9% this year.
Of the growth rate projected, the agricultural sector’s growth is estimated at 5.3percent, Industry at0.5percent while the services sector by about 4.6percent.
Year on year GDP for the second quarter of this year grew by 5.3percent compared to a high rate of 10.8percent recorded for the same period of last year.
The Agric sector recorded the highest growth rate of 8.5%, while the services sector recorded a growth rate of 2.1%.
Following challenges with industry this year, the sector declined by 0.5%.
The greatest contributors to growth were livestock production which expanded by 36.7%, financial and insurance activities which increased by 21% and Forestry and logging activities which grew by 13.5%.
The GDP is an estimate of the total value of goods and services produced in a country and it aims to capture the true monetary value of an economy.
Government statistician, Dr Philomena Nyarko said she was quite positive, government’s projection of 7.1 could be met.
Ghana’s GDP for the second quarter was estimated at 26.1billion cedis while non-oil GDP at current prices was estimated at 25.3billion cedis.
The Agric sector made up 11.8% of GDP, Industry 30.4% and Services sector 57.8%.
African Eye News
