Provisional real Gross Domestic Product (GDP) in volume terms for Ghana was estimated to have increased by 4.2 percent in the first quarter of 2023 (January to March) compared to the same period in 2022.
This is according to recent figures released by the Ghana Statistical Service who explained that when seasonally adjusted, Ghana’s real GDP increased by 1.1 percent in the first quarter of 2023 covering January to March.
This represents 0.3 percentage points higher than what was recorded in the fourth quarter of 2022 covering October to December.
The main drivers for the GDP growth for Q1 2023 was attributed to Public Administration, Defense & Social Security, Health, Education, Information and Communication sub-sectors.
The main sub-sectors with more than 10 percentage expansion in the first quarter of 2023 are; Public Administration, Defense & Social Security (37.6%) 2. Health & Social Work (31.6%) 3. Education (26.0%) 4. Information & Communication (18.9%).
Meanwhile, about seven sub-sectors experienced contraction in the first quarter of 2023.
They include; 1. Water Supply, Sewerage, Waste Management & Remediation Activities (- 6.4%) 2. Construction (-6.0%) 3. Wholesale and retail trade; repair of motor vehicles and motorcycles (-5.3%) 4. Fishing (-3.3%) 5. Mining and quarrying (-2.9%) 6. Manufacturing (-2.5%) 7. Hotels and Restaurants (-0.2%).
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