By: Fred Yaw Sarpong
The Ghana Statistical Service (GSS) has announced that the gross domestic product (GDP) estimate at current prices, which include oil for the 1st quarter of 2014 was GH¢25,733.21 million.
This compares with the GH¢25,818.94 GDP estimate in the 4th quarter of 2013, representing negative 0.33%.
According the service, the GDP at current prices which does not include oil for the 1st quarter of 2014 was GH¢23,028.47 million. This compares with the GH¢23,960.6 million estimate for the 4th quarter of 2013, representing negative 3.89%.
The contributors to the GDP estimate for the quarter 2014 are Agriculture GH¢3,691.7 million (14.9%), Industry GH¢ 8,393.1 million (33.9%) and Services GH¢ 12,696.6 million (51.2%).
Key economic developments for first quarter of 2014 states that in the Agricultural sector, economic activity in the Crops and cocoa subsector reflected a positive growth of 0.8% over that of the 4th quarter of 2013. This is due to the seasonal nature of produce in the sector.
In the Industry sector, the Mining and Quarrying subsector recorded a growth of 8.4% over that of the 4th quarter of 2013, even though gold declined by 21.7% during the period.
Again, in the Industry sector, the Manufacturing subsector recorded a negative growth of 0.1% over the output in the fourth quarter of 2013. This was partly due to a lower production of Food and beverages, Rubber and plastic products, and Manufacture of non-metallic products.
Negative growth was recorded in the production of Electricity (-1.8%), Water and Sewerage (-3.1%) and construction (-2.0%).
In the Services sector, the performances came from the Public Administrations subsector (-7.3%), the Financial and Insurance activities subsector (-3.9%), Information and Communication activities (-1.7%).
Daily Express gathered that most of the sub-sectors, especially in the Services sector, showed no evidence of seasonality.
These subsectors include the Education, Financial and Insurance activities, Health, Information and Communication activities, Public administration, Mining and quarrying, Manufacturing activities, and Transport and storage.
Meanwhile, the gross domestic product for the first quarter of 2014 grew by 6.7% (year-on-year). The Agricultural sector recorded the highest growth rate of 12.7%, followed by the Services sector with a growth rate of 4.6%, while the Industry Sector recorded a negative growth rate of -1.1%. This is compared to the year-on-year GDP growth rate for the first quarter of 2013 which was 9.0%.
Key findings of the performance of activities in the 1st quarter of 2014 compared with the 1st quarter of 2013 by economic activities are Livestock production expanded by 24.7%; Fishing activities increased by 20.0%; Financial and insurance activities increased by 19.7%; Community, Social & personal activities was up by 10.7%; and Information and communication increased by 10.3%.