The Ghana Statistical Service (GSS) yesterday announced that the third quarter 2016 Gross Domestic Product (GDP) at current prices (including oil) is estimated at GH₵44,608.1 million.
Baah Wadieh, acting Government Statistician, who announced this at a press conference in Accra, said the corresponding value recorded for the third quarter of last year was GH₵37,351.3 million.
In constant terms, the third quarter 2016 GDP was estimated at GH₵9,844.8 million.
For quarter three 2015, the estimated value was GH₵9,465.2 million.
Mr Baah Wadieh said the afore-stated figures revealed the year-on-year quarterly GDP growth rate for the third quarter of this year was 4.0 percent compared to the 3.5 percent recorded the second quarter of this year was 1.1 percent.
The rate recorded for the second quarter of 2016 was 0.5 percent.
“For the third quarter of 2016, the services sector recorded year-on-year quarterly GDP growth rate of 4.7 percent.
The Transport & Storage sub-sector recorded the highest year-on-year quarterly GDP growth rate of 8.6 percent while the Community, Social and Other Personal Activities sub-sector recorded the lowest growth rate of -1.0 percent.
“The year-on-year quarterly GDP growth rate for the industry sector is 3.9 percent for the third quarter.
The construction sub-sector recorded the highest year-on-year quarterly GDP growth rate of 16.3 percent for Q3 of 2016, while the Water and Sewerage sub-sector recorded the lowest (-7.8 percent),” he stated.
The year-on-year quarterly GDP growth rate for agriculture is 2.3 percent for the third quarter of 2016 while the livestock sub-sector recorded the highest year-on-year growth rate of 5.6 percent.
The fishing sub-sector recorded the lowest growth rate of 0.3 percent.
Producer price inflation
The acting Government Statistician also revealed that year-on-year inflation from the producer’s perspective for all industry was 11.9 percent in November 2016.
This rate was 2.2 percentage points higher than the rate recorded in October 2016, with the monthly change rate for November 2016 being 1.2 percent.
He said the utilities sub-sector recorded the highest year-on-year producer price inflation rate of 38.3 percent, followed by the mining and quarrying sub-sector with 19.4 percent.
He said the manufacturing sub-sector recorded the lowest year-on-year inflation rate of 4.9 percent.
With respect to the monthly changes, the manufacturing sub-sector recorded the highest rate of 2.1 percent followed by utilities sub-sector with 0.1 percent.
Mining and Quarrying sub-sector recorded the lowest rate of -1.6 percent.
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