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Ghana’s Economy expands by 3.1% in 2022— GSS

Ghana’s Economy expands by 3.1% in 2022— GSS

The country’s economy has expanded by 3.1 per cent in 2022 against 5.1 per cent recorded in 2021 driven by the services sector and mining and quarrying.

In value terms, the growth, including oil, is estimated at GH¢610.2 billion and without oil is GH¢179.96 billion at current prices.

The growth, which is provi­sional, was driven by the services sector, contributing 44.9 per cent of the annual GDP growth and mining and quarrying.

The Government Statistician, Professor Samuel K. Annim, speaking at a ceremony in Accra yesterday to release the provisional data on the 2022 quarter and an­nual Gross Domestic Product es­timates, said mining and quarrying under industry drove the overall GDP growth recorded in 2022.

He explained that the gold sub-sector, which recorded 32 per cent, drove the growth in the industry.

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Professor Annim stated that the services sector contributed almost half of the GDP growth in 2022 estimated at GH¢256.4 billion.

He said the services sector re­corded a year-on-year GDP growth rate of 5.5 per cent estimated at GH¢256.4 billion.

However, the Government Statistician said compared with the GDP growth last year, the services sector GDP growth dipped by 3.9 per cent from 9.4 per cent in 2021 to 5.5 per cent in 2022.

“The Information and Commu­nication sub-sector recorded the highest year-on-year GDP growth rate of 19.7 per cent, education 10.2 per cent and health and social services at 9.2 per cent drove the growth recorded by the services sector in 2022,” he said.

Prof Annim indicated that while the professional, administrative and support services sub-sectors under services con­tracted by 10.9 per cent, agriculture expanded by 4.2 per cent in 2020 at a nominal value of GH¢119.4 billion, compared with the 8.5 per cent in 2021, and the growth was influenced by the fishing sub-sec­tor.

The fishing sub-sector, he said recorded the highest year-on-year growth rate of 8.8 per cent, followed by the livestock sector growing at 5.5 per cent, while the forestry and logging recorded the lowest growth rate of 1.7 per cent.

Prof Annim said industry grew at 0.9 per cent in 2022 from -0.5 per cent in 2021.

“The mining and quarrying sub-sector recorded the highest year-on-year annual GDP growth rate of 8.1 per cent for 2022, while the water supply, sewerage, waste management and remediation activities sub-sector recorded the lowest with a contraction of 4.9 per cent,” he added.

Source: www.spotonnews.net

Joyceline Natally Cudjoe

An Entertainment Columnist, Content Writer, Blogger, Novelist, Poet, and a Publicist. For business or story tip off, contact me on +233 24 646 6866 or email: [email protected]

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