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Wednesday September 18, 2019

Potential reasons behind 2019 Q2 GDP growth

MAIN DRIVERS FOR THE GDP 2019Q2 ESTIMATES

Introduction

The provisional 2019 Q2 GDP year on year growth estimates are based on unrevised/provisional 2018Q2 GDP estimates.

 

OVERALL OIL GDP

The Oil real GDP growth for 2019 Q2 can be attributed to the high growth rates in the following sub-sectors:

  • Information & Communication (52.8%);
  • Real Estate14.9%
  • Mining & Quarrying (14.0%), (of which Oil and Gas grew by 25%);
  • Health and Social Work (10.3%);
  • Education (8.9%);
  • Manufacturing (7.4%) and;
  • Hotels & Restaurants (6.6%).

The following sub-sectors however contracted in 2019Q2 compared to 2018Q2 and contributed negatively to overall growth:

                                                                                                                                            

  • Construction                                                                                                     -8.3%
  • Water & Storage, Waste management & Remediation activities                     -7.9%
  • Electricity                                                                                                           -7.5%           
  • Forestry & Logging                                                                                           -6.5%
  • Public Administration & Defence, Social Security                                           -2.8%          
  • Fishing                                                                                                               -2.1%           

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