Q3-2021 GDP up 6.6%

Ghana’s provisional real Gross Domestic Product (GDP) in volume terms was estimated to have increased by 6.6% in the third quarter (July to September) of 2021 compared to the same period in 2020, the Ghana Statistical Service (GSS) has announced

When seasonally adjusted, Ghana real GDP increased by 1.6% in quarter three (July to September) of 2021; 0.5 percentage points higher than what was recorded in quarter one (April to June) of 2021.

Crops, education, trade, repair of vehicles, household goods, manufacturing and information & communication sub-sectors were the main drivers of GDP growth for the third quarter of 2021. 

Main sub-sectors that expanded in quarter three of 2021 are:

o   Education (24.2%);

o   Health & Social Works (20.5%);

o   Information & Communication (17.0%);

o   Professional Administrative & Support (16.7%);

o   Hotel & Restaurants (16.4%);

o   Public Administration & Defence, Social Security (16.3%)

o   Fishing (14.3%);

o   Real Estate (11.5%);

o   Crops (9.8%).

Sub-sector that contracted in quarter three of 2021 is:

o   Mining & Quarrying (-11.2%).

Quarterly real GDP growth: July to September 2021

The provisional real quarterly gross domestic product (QGDP) growth rate including Oil and Gas, is 6.6% (year on year) in the third quarter of 2021. In the same period of 2020, the growth was -3.2%.

GDP growth rate without oil and gas (Non-Oil GDP) for the third quarter of 2021 is 8.6% compares to the same period in 2020 with a growth rate of -3.0%.

The Service sector recorded the highest growth of 13.4%, followed by the Agriculture sector with a growth of 9.2%. The Industry sector contracted by 2.0 per cent.

Real quarterly gross domestic product: July to September 2021

The GDP (Including Oil & Gas) estimate at constant 2013 prices for the 3rd quarter of 2021 was GHS43,093.5 million compared to GHS40440.3 million in the 3rd quarter of 2020.

The Non-oil GDP at constant 2013 prices for the 3rd quarter of 2021 was GHS39,974.4 million compared to GHS36,823.7 million in the 3rd quarter of 2020.