The Ghanaian economy expanded by 3.1% in the first quarter of this year, the lowest since the same period in 2019.
However, in the same period of 2020, the Gross Domestic Product (GDP) growth rate was 7.0%.
According to figures from the Ghana Statistical Services, Construction (14.2%)), Manufacturing (6.1%) as well as Information and Communication (22.1%) sub sectors were the main drivers of growth for the first three months.
The Agriculture sector recorded the highest growth of 4.3% and was followed by the Services sector with a growth of 4.0%. The Industry sector also expanded by 1.3%.
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Within the Agriculture sector, the crops sub-sector grew by 1.4% in the 1st quarter of 2021, compared to 2.8% in the 4th quarter of 2021. The Livestock subsector also grew by 1.3% compared to 1.7% recorded in the 4th quarter of 2020. The Forestry and Logging subsector grew by 0.1% compared to a contraction of 2.4% in the 4th quarter of 2020. The Fishing sub-sector however contracted by -0.9% compared to a growth of 0.4% in the 4th quarter of 2020.
Water Supply, Sewerage, Waste Management & Remediation Activities sub-sector grew by 1.6% in 1st quarter of 2021, compared to a growth of 0.5% in the 4th quarter of 2020. The Mining and Quarrying sub-sector continued to contract by 2.6% in the 1st quarter of 2021, from -3.0% recorded in the 4th quarter of 2020.
In the Services sector, Real Estate and Information & Communication grew at a lower rate of 2.4% and 4.3% respectively in the 1st quarter of 2021, compared to a growth of 9.4% in Real Estate activities and 6.6% growth in Information & Communication in the 4th quarter of 2020.
The Trade; Repair of Vehicles, Household Goods also grew to 0.8% in the 1st quarter of 2021 compared to a growth of 1.4% in the 4th quarter of 2020.
In terms of the share of the economy, the Services sector was the largest sector of the Ghanaian economy in the first quarter of 2021 with a share of 53% of GDP at basic prices. The GDP share of Industry and Agriculture were 25% and 22% respectively.
The GDP estimate at current prices in purchaser’s value for the 1st quarter of 2021 was GH¢119.3 billion compared to GH¢105.3 billion in the 1st quarter of 2020.
Economy grows marginally by 0.4% in 2020
Without oil, the economy however grew at a rate of 1.3%.
Ghana was however among few countries on the African continent that recorded positive growth rates in 2020 in a year that covid-19 impacted negatively on global economies.
There were many expectations that the economy will grow at a rate of at least 1.0% of Gross Domestic Product last year.