Ghana’s economy grew by 6.5% in 2019, according to modified quotes by the Ghana Statistical Service.
This is against 6.3% and 8.1% Gross Domestic Product (GDP) in 208 and 2017, respectively. For non-oil GDP, the economy grew by 5.8% GDP. Ghana Statistical Service disclosed.
According to the GSS, GDP per capita income increased from GHS10,150 in 2018 to GHS11,541 in 2019.
But in dollar terms, the per capita income decreased by US$ 2 from US$ 2,214 in 2018 to US$ 2,212 in 2019.
From the measurement of the economy, the Services sector tape-recorded the highest development rate of 7.6%, followed by Industry with 6.4% and Farming, 4.6%.
Importantly, the services sector remains the largest sector of the economy. Its share of GDP increased from 46.3% in 2018 to 47.2% in 2019.
The sector’s GDP growth rate increased from 2.7% in 2018 to 7.6% in 2019 and contributed 2.8 portion points (43.4%) to the 2019 annual development rate of 6.5%.
Two of the sub-sectors in this sector contributed more than 5% to the 2019 annual growth rates. These are the Details and Communication with a development rate of 46.5% and a contribution of 1.0 portion points (15.7%) to yearly growth and the Trade; Repair of Vehicles, Household Goods sub-sector (3.7%) which contributed 0.4 percentage point to annual GDP development.
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The Market sector contributed 2.4 portion points (37.5%) to 2019 yearly GDP development rate, though its share of GDP at basic prices increased by 0.2% from 34.0% in 2018 to 34.2% in 2019.
The primary motorist of 2019 GDP growth was the Mining and Quarrying subsector, with a development rate of 12.6% and a contribution to the development of 2.0 portion points (31.2%).
There was, however, contraction in the Building (-4.4%) and Water and Sewerage, Waste Management & Removal Activities (-4.4%).
On the other hand, the agriculture sector grew by 4.6% in 2019 compared to a development rate of 4.8 percent in 2018.
Its share of GDP decreased from 19.7% in 2018 to 18.5% in 2019.
The crops sector is the third-largest activity in Ghana with a share of 13.8% of GDP and contributed 0.7 portion points to 2019 annual GDP growth.
The forestry and logging sub-sector contracted (-1.7%) having taped 2.4% in 2018.
