GDP Grows By 3.1%2 min read
Samuel Kobina Annim – The Government Statistician
The provisional 2022 fourth quarter and annual Gross Domestic Product (GDP) estimates have revealed a total of 3.1 per cent growth rate.
This is lower than 3.7% forecast by the government and below the 5.1 per cent recorded in 2021.
Government Statistician, Samuel Kobina Annim, presenting the findings said the estimates revealed that the non-oil GDP growth rate for 2022 recorded 3.8 per cent, which is GH¢ 172,123.9 million as compared to the 6.6 per cent, which is GH¢ 168,664.8 million in 2021.
Non-gold GDP stood at 2.1 per cent, which is GH¢ 168,122.8 million compared to the 7.1 per cent which stood at GH¢ 162,975.0 million recorded the previous year,” he shared.
According to Prof Annim, the sectoral shares of 2022 GDP showed that out of the total GDP figure of GH¢ 571,067.7 million, the service industry was the highest contributor accounting for 44.9 per cent of the total GDP, amounting to GH¢ 256,449.1 million.
“Industry was the second largest contributor with a percentage of 34.2 accounting for a total amount of GH¢ 195,225.7 million. Agriculture contributed 20.9 per cent to the GDP also accounting for GH¢ 119,392.9 million,” he shared.
The statistician further added that the services sector recorded a year-on-year GDP growth of 5.5 per cent with the Information and Communication sub-sector having the highest growth rate within the sector at 19.7 per cent while the professional, admin, and support services sub-sector recorded the lowest with a contraction of 10.9 per cent.
“The annual GDP growth rate for the industry sector was 0.9 per cent for 2022 as the mining and quarrying sub-sector recorded the highest year-on-year annual GDP growth rate of 8/1 per cent while water, supply, sewage, waste management, and remediation activities sub-sector recorded the lowest with a contraction of 4.9 per cent,” he explained.
He further announced that the year-on-year GDP growth rate for Agriculture was 2.2 in the year 2022 with the fishing sub-sector having the highest growth of 8percentent while the forestry logging sector recorded the lowest with 1percentent.
The statistician also revealed that the value of goods and services produced between the third and fourth quarters of 2022 grew by 0.8 percent.
