GDP Growth Hit 7.1 Per Cent In 2013

The Revised Gross Domestic Product (GDP) estimate for 2013, showed a growth of 7.1 per cent compared to the 2012 final estimates of 8.8 per cent. The service sector recorded the highest growth of 8.9 per cent, followed by industry 7.0 per cent with agriculture recording the lowest growth rate of 5.2 per cent. Dr Philomena Nyarko, Government Statistician said though the estimates showed an improvement in the growth of the agriculture sector to 5.2 per cent in 2013, compared to 2.3 percent in 2012, its contribution to the economy continues to decline. Dr Nyarko, who was speaking on Wednesday at a news conference in Accra said crops, however, remained the largest activity in the economy with a share of 16.9 per cent of GDP. She said the agriculture sector recorded an overall growth rate of 4.8 per cent in the fourth quarter compared to 0.3 per cent in the third quarter of 2013. The Government Statistician said economic activities in the industry sector resulted in a growth of -1.3 per cent compared to -9.8 per cent in the third quarter of 2013. �This is due to an increase in the production of Gold by 20.7 per cent and Manganese by 26.5 per cent compared to -6.1 per cent and -19.0 per cent in the third quarter of 2013,� she said. The Statistical office also revised third quarter 2013 economic growth to 4.9 per cent from 0.3 per cent because of improved data. Dr Nyarko said the manufacturing sub-sector recorded a negative growth of 19.0 per cent over the third quarter�s negative growth rate of 14.0 per cent. �This is partly due to a decline in the manufacturing of refined petroleum products by -51.2 per cent, rubber and plastics products by -20.5 per cent and wood products by 6.7 per cent,� she said.