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4th qtr 2012 GDP growth estimate hits 6.0%


By Fred Sarpong

The total value of goods and services produced in the fourth quarter of 2012 was GH¢8,424.1 million, compared to GH¢7,945.0 million recorded in the corresponding period in 2011. This is according to figures released in Accra last week by the Ghana Statistical Service (GSS).

This represents 6.0% Gross Domestic Product (GDP) growth for the fourth quarter of 2012, as against 1.2% in the previous year’s last quarter, all the sectors of the economy, contributed to this growth were- Agriculture, Industry and Services.

The acting Government Statistician, Dr. Philomena Nyarko, who announced this in Accra, last week, said during the period Agriculture recorded a total value of GH¢2,319.1 million, as compared to GH¢2,301.4 million in fourth quarter of 2011. This represents 0.6% growth.

The industry sector had 3.6% growth, recording a value of GH¢1,915.8 million as against GH¢1,987.0 million in 2011 fourth quarter. The services sector recorded 13.7% GDP growth with a value of GH¢3,715.6 million as against GH¢3,198.6 million at the end of fourth quarter of 2011.

According to Dr. Nyarko, crops and cocoa (0.9%), forestry (2.6%), and livestock 5.0% subsectors contributed to the agriculture growth of 0.6%.

The main contributors of the industry sector growth were electricity 10.8%; followed by construction 4.4%; and water and sewerage 3.5%.

The service sub-sectors, which contributed to the highest sectoral growth of 13.7%, comprised information and communication activities 78.7%; financial and insurance activities 40.4%; and Trade, Repair of motor vehicles and motorcycles 14.2%.

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