Economy: Growth slows sharply to 5.4 per cent in second quarter year on year

Ghana’s economic growth slowed sharply to 5.4 percent year-on-year in the second quarter of 2018, compared to around 11 percent in the same period last year, the statistics office said on Wednesday.

The quarter-on-quarter seasonally adjusted growth rate was 1.3 percent, the same as in the first three months of 2018, acting government statistician Baah Wadieh told reporters in Accra.

Wadieh said the latest figures compared with a period of particularly sharp expansion in the oil sector a year earlier.

“Last year alone, the oil sector grew by nearly 200 percent, following the startup of a new oil field and the ramping up of Jubilee (field)” he said. Non-oil growth for the second quarter of this year was 5.0 percent.

Industry grew 11.1 percent from the same quarter a year earlier, followed by agriculture at 4.8 percent and services at 0.5 percent based on recalculated data, Wadieh said.

Ghana’s economy was 24.6 pct bigger last year than estimated prior to an overhaul of how data is calculated, the statistics office said last month.

Reuters Africa

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