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First qtr. GDP growth estimate hits 8.7%


The total value of goods and services produced in the first quarter of 2012 was GH¢6,186.7 million, compared to GH¢5,691.5 million recorded in the corresponding period in 2011, according to provisional figures released in Accra last week by the Ghana Statistical Service (GSS). This represents 8.7% Gross Domestic Product (GDP) growth for the first quarter of 2012, as against 3.3% last year. 
The sectors of the economy, which contributed to this growth, were Agriculture, Industry and Services. The acting Deputy Government Statistician, Kofi Agyeman-Duah, who announced this in Accra, last week, said during the period Agriculture recorded a total value of GH¢984.5 million, as compared to GH¢1,014.1 million in first quarter of 2011. This represents negative 2.9%. 
The industry sector also had 21.7% growth, recording the value of GH¢1,998.2 million as against GH¢1,642.1 million in 2011 first quarter. 
The services recorded 5.7% GDP growth with a value of GH¢2,837.2 million as against GH¢2,683.6 million at the end of first quarter of 2011. 
According to Agyeman-Duah, crops and cocoa (5.0%), livestock (12.8%), forestry (274.8%) and fishing (-18.0%) contributed to the agriculture growth of negative 2.9%. 
The industry sector was made up of mining and quarrying (49.2%), manufacturing (22.6%), electricity (16.9%), water and sewerage (3.0%) and construction (3.7%). 
The service sub-sector, which contributed to the highest growth of 5.7%, comprised other personal service activities (88.2%), business and other services activities (15.8%), transport and storage (14.0%) and financial and insurance activities (13.9%).


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