Ghana registers strong GDP growth
Ghana’s gross domestic product (GDP) for the third quarter of 2014 stood at 5.1 per cent as compared to government’s projected 4.6 per cent in the same period.
The industrial sector recorded the highest growth of 8.1 percent followed by the agricultural sector hitting 4.4 per cent, while the services sector recorded a growth rate of 3.5 per cent.
The GDP growth rate for the third quarter of 2014 was 1.4 per cent quarter-to-quarter, seasonally adjusted, Baah Wadieh, the government’s deputy statistician, said at a media briefing on Wednesday.
The key findings of the performance of activities in the third quarter of 2014 compared with the same period included financial and insurance activities, information and communication, fishing, public administration and mining and quarrying.
“The most notable performance of the quarter on quarter seasonally adjusted growth rates are financial and insurance activities and information and communication,” he said.
The government statistician also announced that the year-on-year inflation rate, which was 17 per cent in December, was unchanged from the November.
Food inflation in December 2014 rose 6.8 per cent, an increase of 0.2 percentage points from 6.6 per cent in November 2014.
“The year-on-year non-food inflation rate is more than three and half times higher than the food inflation rate,” Wadieh said.
The main drivers for the non-food inflation rate were housing, water, electricity, gas and other fuels, which dropped by 35.2 per cent and transport, which was, however, up by 30.8 per cent.
The price drivers for the food inflation rate were coffee, tea and cocoa, mineral water, soft drinks, fruits and vegetable juices, among others.
The inflation for imported items was more than one and half times higher than the inflation rate for locally produced items.
The Northern Region recorded the highest regional rate of 19.0 per cent while the Upper West Region recorded the lowest of 13.6 per cent.
Four regions, Northern, Eastern, Central and Greater Accra recorded inflation rates above the national average of 17 per cent.