Recent provisional figures from the Ghana Statistical Service (GSS) has revealed a 2.0% expansion in the economy during the third quarter of 2023.
This growth rate is lower than the pre-pandemic 2022 average GDP growth rate of 5% and the 2.7% recorded.
The Agricultural sector witnessed a 5.9% expansion, while Services grew by 2.0%.
However, the Industry sector contracted by 4.3%.
In Agriculture, all sub-sectors except Forestry and Logging experienced a 6.9% expansion, with Crops leading at 7.0% growth.
The Services sector saw growth in all 10 sub-sectors, with Information and Communication at the forefront with a GDP growth rate of 17.3%, followed by Accommodation and Food Services Activities at 11.2%.
Contrarily, the Industry sub-sectors recorded negative growth rates, with Construction at -8.3%, Mining and Stone Quarrying at -8.1%, Electricity at -1.8%, and Manufacturing at 2.1%.
The Services sector remains the largest, constituting 42.1% of the economy, followed by Industry and Agriculture with shares of 33.0% and 24.9%, respectively. The nominal GDP estimate for the third quarter of 2023, at current prices, is GH¢212.36 billion.