Ghana’s interim real GDP (GDP) in terms of value and volume was estimated to have increased by 2.9% in quarter three (July to September) of 2022 compared to the same period in 2021, according to the Ghana Statistical Service (GSS).
When seasonally adjusted, Ghana’s real GDP increased by 0.7% in quarter three (July to September) 2022, 0.3 percentage points less than in quarter two (April to June) 2022.
Mining and quarrying, information and communication, education, crops, and fishing were the main contributors to GDP expansion in the third quarter of 2022.
The main sub-sectors with more than 10 per cent expansion in quarter three of 2022 are:
1. Information & Communication (18.4%)
2. Mining & Quarrying (14.9%)
3. Education, (10.2%)
Nine sub-sectors contracted in quarter three of 2022. These are:
1. Professional, Administrative & Support Service activities (-12.1%)
2. Other Personal Service Activities (-8.6%)
3. Manufacturing (-7.4%)
4. Construction (-7.0%)
5. Real Estate (-6.6%)
6. Hotels & Restaurants (-6.4%)
7. Trade (-2.4%)
8. Electricity (-3.9%).
9. Water (-3.0%)
GDP growth is the main indicator of economic performance.
There are three approaches used to measure GDP: the output approach, the expenditure approach, and the income approach.