By: Fred Yaw Sarpong
The Ghana Statistical Service (GSS) has announced that the annual gross domestic product (GDP) estimate at current prices, which include oil for the 4th quarter of 2014 was GH¢32,258.2 million.
This compares with the GH¢26,996.6 GDP estimate in the 4th quarter of 2013, representing an increase of 19.49%. The GDP at current prices which does not include oil for the 4th quarter of 2014 was GH¢30,380.2 million.
The contributors to the GDP estimate for the quarter 2014 are Agriculture GH¢2,693.0 million (7.0%), Industry GH¢1,989.6 million (-2.7%) and Services GH¢4,248.7 million (8.2%).
In the same quarter for 2013 the sectors recorded Agriculture was GH¢2,516.7 million, Industry GH¢2,044.2 million and Services GH¢3,927.2 million.
Key economic developments for the fourth quarter of 2014 states that in the Agricultural sector, economic activity in the Crops and cocoa subsector reflected a positive growth of 5.3% over that of the 4th quarter of 2013. The sector had GHc2,120.9 million as against GHc2,014.6 million in 2013. Other subsectors were Livestock 3.6%, Forestry 36.0% and Fishing 6.0%.
In the Industry sector, the Mining and Quarrying subsector recorded a negative growth of 2.4% over that of the 4th quarter of 2013. Manufacture was (3.4%), electricity (-11.1%), water and storage (-1.3%) and construction (-7.1%).
In the Services sector, the performances came from the Information and Communication (22.2%), Transport and Storage (18.6%), the Financial and Insurance activities subsector (6.8%), Hotel and Restaurant (5.7%), Education (5.1%), and Health (-1.8%).
Meanwhile, the GDP growth rate for the fourth quarter of 2014 was 4.6% compared to a rate of 2.7% recoded for the fourth quarter of 2013 as announced by the GSS.