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Ghana registers strong GDP growth of 5.1 percent

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Staff writer ▼ | January 20, 2015
Ghana's gross domestic product (GDP) for the third quarter of 2014 stood at 5.1 percent as compared to government's projected 4.6 percent in the same period.
Ghana industry
Excellent jump   The industrial sector in Ghana saw the growth of 8.1%
The industrial sector recorded the highest growth of 8.1 percent followed by the agricultural sector hitting 4.4 percent, while the services sector recorded a growth rate of 3.5 percent.

The GDP growth rate for the third quarter of 2014 was 1.4 percent quarter-to-quarter, seasonally adjusted, Baah Wadieh, the government's deputy statistician, said at a media briefing on Wednesday.

The key findings of the performance of activities in the third quarter of 2014 compared with the same period included financial and insurance activities, information and communication, fishing, public administration and mining and quarrying.

"The most notable performance of the quarter on quarter seasonally adjusted growth rates are financial and insurance activities and information and communication," he said.

The government statistician also announced that the year-on-year inflation rate, which was 17 percent in December, was unchanged from the November.

Food inflation in December 2014 rose 6.8 percent, an increase of 0.2 percentage points fr

"The year-on-year non-food inflation rate is more than three and half times higher than the food inflation rate," Wadieh said.

The main drivers for the non-food inflation rate were housing, water, electricity, gas and other fuels, which dropped by 35.2 percent and transport, which was, however, up by 30.8 percent.

The price drivers for the food inflation rate were coffee, tea and cocoa, mineral water, soft drinks, fruits and vegetable juices, among others.

The inflation for imported items was more than one and half times higher than the inflation rate for locally produced items.

The Northern Region recorded the highest regional rate of 19.0 percent while the Upper West Region recorded the lowest of 13.6 percent.

Four regions, Northern, Eastern, Central and Greater Accra recorded inflation rates above the national average of 17 percent.