Ghana’s provisional real Gross Domestic Product (GDP) in volume terms in the fourth quarter of 2022 has seen an increase by 3.7% compared to the same period in 2021.
This was revealed in the Quarterly Gross Domestic Product (QGDP) newsletter released on Wednesday, April 19, 2023, by the Ghana Statistical Service (GSS)
According to the GSS, when seasonally adjusted, Ghana’s real GDP increased by 0.8% in the fourth quarter of 2022; 0.3 percentage points higher than what was recorded in quarter three of the same year.
The statistical service also revealed that the Mining & Quarrying, Information & Communication, Public Administration, Defense & Social Security, Crops, and Education sub-sectors were the main drivers of GDP growth for the fourth quarter of 2022.
Additionally, the GSS also revealed in the report that, the Provisional Real Quarterly Gross Domestic Product (QGDP) growth rate including Oil and Gas, is 3.7% (year on year) in the fourth quarter of 2022.
In the same period of 2021, the growth was 5.6%.
GDP growth rate without oil and gas (Non-Oil GDP) for the fourth quarter of 2022 is 4.3% which compares to the same period in 2021 with a growth rate of 6.9%.
The Services sector recorded the highest growth of 7.6%, followed by the Agriculture sector with a growth of 3.6% and the Industry sector with a contraction of 1.0 percent growth rate.