Ghana’s preliminary real Gross Domestic Product (GDP) increased by 4.2% in volume terms, for the first quarter (January to March) of 2023 compared to the same period in 2022.
According to a report issued by the Ghana Statistical Service on June 21, 2023, Ghana’s real GDP expanded by 1.1% in quarter one (January to March) of 2023, which is 0.3 percentage points greater than what was observed in quarter four (October to December) of 2022. This growth was done under seasonally adjusted conditions.
Government Statistician, Professor Samuel Kobina Annim, said that seven subsectors experienced contraction (negative growth) in the first quarter of 2023.
He said that the following sectors had declines: construction (-6.0%), wholesale and retail commerce (-6.0%), water supply, sewerage, waste management, and remediation activities (-6.4%).
Public Administration, Defense & Social Security, Health, Education, Information & Communication sub-sectors were the main drivers of GDP growth for the first quarter of 2023.
The main sub-sectors with more than 10 per cent expansion in quarter one of 2023 are: Pubhe Administration, Defense & Social Security at 37.6%, Health & Socal Work -at 31.6%, Education- at 26.0%; and Information & Communication recording 18.9%.
The rest are Fishing (-3.3 ), Mining and quarrying (-2.9° 0), manufacturing (-2.5%), and Hotels and Restaurants (-0.2%).
