The fishing and mining subsectors were the hardest hit subsectors during the first quarter of this year, according to the Ghana Statistical Service (GSS).
They contracted by 4.0 and 13.7 per cent respectively.
Sub-sectors that recorded double digit year-on-year quarterly GDP growth rates were electricity (24.6 percent), information & communication (18.8 percent) and water and sewerage (11.1 percent).
According to the latest GDP estimates for the first three months of this year, the Services sector recorded the highest growth of 8.8 percent followed by agriculture sector with 2.8 percent and industry sector with -1.1 percent.
With regard to the agriculture sector, livestock recorded the highest growth rate of 7.1 percent followed by forestry and logging with 3.6 percent and crops, 2.9 percent. Fishing however recorded a negative growth rate.
For services, information and communication registered 18.8 percent growth followed by real estate, professional, administrative & support service with 9.4 percent growth rate. Others are public administration & defence, social security with 8.8 percent growth rate; trade, repair of vehicle, household goods; 8.4 percent and transport & storage with 7.7 percent. The finance and insurance sub sector recorded a growth rate of 5.7 percent.
Within industry sector, electricity registered a growth rate of 24.6 percent followed by water and sewerage with 11.1 percent and manufacturing with a growth rate of 8.6 percent. Construction recorded a growth rate of 0.3 percent. The mining and quarrying sub-sector recorded the least growth of -3.4 percent compared to 2.4 percent recorded in the 4th quarter of 2015.
The oil GDP estimate at current prices at purchaser’s value for the 1st quarter of 2016 was GH¢37,515.8 million compared to GH¢32,534.9 million in the 1st quarter of 2015.
The non-oil GDP estimate at current prices at purchaser’s value for the 1st quarter of 2016 was GH¢ 36,892.2 million compared to GH¢ 31,331.9 million in the 1st quarter of 2015.
Source: The Finder
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