Real Gross Domestic Product (GDP) for the first quarter of 2014 grew by 6.7 per cent (year-on-year), while the year-on-year GDP growth for the first quarter of 2013 was 9.0 per cent, Mr Baah Wadieh, Deputy Government Statistician, has disclosed.
Mr Wadieh said, at current prices, the GDP during the 1st quarter of 2014 was GH¢25,733.21 million, including oil, while non-oil GDP at current prices for the1st quarter of 2014 was GH¢ 23,028.47 million.
Addressing a news conference in Accra on Wednesday, he said key findings of the performance of activities in the first quarter of 2014 indicated that the Agricultural sector recorded the highest growth of 12.7 per cent, followed by the services sector with 4.6 per cent, while the industry sector recorded a negative growth -1.1 per cent.
According to the findings, Mr Wadieh said, in the performance of activities in the first quarter of 2014, compared with the first quarter of 2013, the main drivers of the Year-on-Year quarterly GDP growth rate of 6.7% were livestock production which expanded by 24.7 per cent; fishing activities which increased by 20.0 per cent; Financial and insurance activities which increased by 19.7 per cent; Community, social & personal activities which inched up by 10.7%; and Information and communication activities which rose by 10.3%.
The findings, he said, indicated that the quarter on-quarter, seasonally adjusted real Gross Domestic Product (GDP) growth rate for the 1st quarter of the year 2014 was 2.6 per cent, implying that the value of goods and services produced in the 1st quarter of 2014 increased by 2.6 per cent, compared to that of 4th quarter of 2013. The Quarter-on-Quarter GDP growth rate for the 1st quarter of 2013 was to 2.7 per cent.
He said the findings also showed that sectoral contributions to the GDP in the 1st quarter of 2014 at basic prices were Agriculture (14.9%); Industry (33.9%); and Services (51.2%)--highest contributor to the 2014 first quarter GDP.
Mr Wadieh said, according to the findings, the contribution of the Agriculture subsector to the 1st Quarter of 2014 GDP were Crops & Cocoa (10.2 per cent); Livestock (1.4 per cent) Forestry (1.8 per cent); and Logging, Fishing(1.5 per cent).
He said the findings also indicated that the contribution of the industry subsector to the 1st Quarter of 2014 GDP were Mining and quarrying (12.6 per cent); Manufacturing (4.4 per cent); Electricity (0.5 per cent), Water & Sewerage (0.8 per cent) and Construction (15.6 per cent). He said, by the findings, the Services subsector's contribution to the 1st Quarter of 2014 GDP, were Trade & Repair of Motor Vehicles (4.8 per cent); Hotels and Restaurants (4.7 per cent); Transport & Storage (10.3 per cent); Information & Communication activities (2.5 per cent); Financial & Insurance Activities (7.9 per cent); Real Estate, Professional, Administrative & Support Service activities (4.2 per cent); Public Administration (7.7 per cent); Education (4.4 per cent); Health (1.1 per cent); and Community, Social & Personal Service Activities (3.6 per cent). Mr Wadieh said the findings showed that the main drivers of the growth rate recorded in the 1st quarter of 2014 were Forestry and logging activities (19.0 per cent); Fishing activities (14.1 per cent); Mining and quarrying activities (8.4 per cent); Livestock activities (4.5 per cent); and Community, social & personal activities (4.3 per cent).
The findings, he said, also showed that declines in the growth rate were also recorded in Public administration, (7.3 per cent); Real Estate, Professional, Administrative & Support Service activities (business activities), (5.1 per cent); Manufacturing, (0.1 per cent); Financial & insurance activities (3.9 per cent); and Electricity, (1.8 per cent).
Conversely, he said, the findings indicated that, declines in growth rates were recorded in the Public Administration subsector (-8.0 per cent); Manufacturing subsector (-19.3 per cent); Forestry & logging subsector (-7.6 per cent); and the Health subsector (-6.9 per cent).
Gross Domestic Product (GDP) is the estimate of the total value of final goods and services produced in the country during a given period. It can be quarterly or annually.
Quarter-on-Quarter indicators measure changes in a quarter to the immediate preceding quarter while Year-on-Year quarterly indicators measure changes in a quarter to the same quarter of the previous year.
The estimation of the GDP is done in stages, with estimates generated at each stage depending on available data.
Estimates from each stage are progressively designated as projected, provisional, revised and final.
Source: ISD (G.D. Zaney)