ACCRA– Ghana’s economy grew by 8.5 per cent in 2017 compared with 3.7 per cent in 2016, according to provisional data from the Ghana Statistical Service.
Announcing the figures here Wednesday, acting Government Statistician Baah Wadieh attributed the growth to increased oil and gas production. Oil production grew by 80.4 per cent in 2017.
The industry sector recorded the highest growth rate of 16.7 per cent, followed by agriculture at 8.4 per cent and the services sector at 4.3 per cent. Services remained the largest sector of the economy but its share of the gross domestic product (GDP) decreased from 56.8 per cent in 2016 to 56.2 per cent in 2017.
Of all the industrial activities, the Mining and Quarrying sub-sector recorded the highest growth of 46.7 per cent in 2017.
The agriculture sector, which expanded from a growth rate of 3.0 per cent in 2016, however, saw its share of GDP declining from 18.7 per cent in 2016 to 18.3 per cent in 2017. Crops remain the largest activity with a share of 14.2 per cent of GDP.
The non-oil annual GDP growth rate decreased from 5.0 per cent in 2016 to 4.9 per cent in 2017.
Growth in the fourth quarter of 2017 stood at 8.1 per cent compared to 9.7 per cent in the third quarter.s
Source: NAM NEWS NETWORK