Ghana GDP 2018 Update

KGhana, despite registering sluggish performance between 2014 and 2016, is currently experiencing rapid economic growth. This growth is mainly fueled by the oil sector. Below are a few statistics on Ghana GDP 2018.

• By the third quarter of 2018, Ghana’s GDP was at 7.4%. This figure is an all-time high, compared to 5.4% in the second quarter.

• Ghana’s economic growth was 1.8% higher than it was in the second quarter. The second quarter had previously registered a 1.3% increase compared to the first quarter.
• Ghana’s economic growth is primarily fueled by the industrial and service sector.
• Ghana’s main exports are oil and cocoa.
• This growth rate is the strongest seen since the 3^rd quarter of 2017.

Here a few statistics relating to the services, industrial and agricultural sectors, and how they reflect on Ghana GDP 2018.

Industrial sector

• The industrial sector has experienced phenomenal growth due to the booming quarrying and mining sub-sector.
• This sector grew 11.7% in late 2018, with the manufacturing sub-sector having a growth rate of 6.5%.

Agricultural Sector

• The agricultural sector increased by 5.5% due to an increase in crop yields over the year.
• Crops and cocoa increased by 6.8%
• Yields for livestock farming also increased by 5.7%

Services Sector

• The services sector advanced by 3.5%, boosted by:
  • Professional administrative and support – 7.2%
  • Transport and storage – 4.3%
  • Trade and repair of household goods and vehicles – 2.9%
• Interestingly, the output from the services sector rose fastest in the following sub-sectors:
  • Education – 5.7%
  • Health and social work – 28.4%
  • Restaurants and hotels – 5.4%

Ghana’s GDP is projected to rise even higher come 2019, due to industrial growth and increased demand for oil. The Ghana Government is currently focusing on improving productivity from all sectors, particularly agriculture and manufacturing. Based on the figures indicated above in the Ghana GDP 2018 update, one may note that this country is a great place for an investor to set up shop, as the investment will pay off faster than it would in other African countries!