The value of Ghana?s economy grew to 112.6 billion Ghana cedis or 31.2 billion U.S. dollars at current price in 2014, relative to the 93.4 billion cedis or 25.9 billion dollars for the previous year, the Ghana Statistical service (GSS) announced here on Wednesday.


In constant terms, the value of the economy, including oil production, was 33.5 billion cedis or 9.3 billion dollars in 2014, relative to the value of 32.2 billion cedis or 8.9 billion dollars for the previous year.
This growth represented a 4.0 percent growth in the year-on-year Gross Domestic Product (GDP) for the year under review, relative to the 7.3 percent final growth figure for 2013 issued by the GSS.
The overall GDP growth for 2014 released in the provisional estimates in January was also 4.2 percent, compared with the 4.0 percent in the revised estimates issued here on Wednesday.
The year-on-year quarterly GDP growth rate for the fourth quarter of 2014 was 4.6 percent, compared with a rate of 2.7 percent recorded for the fourth quarter of 2013.
?However, the quarter-on-quarter GDP growth rate (seasonally adjusted) recorded for the fourth quarter of 2014 was 1.2 percent relative to the 2.6 percent recorded for the third quarter of 2014,? Philomena Nyarko (Ph D), the Government Statistician, announced.
While the growth rate for agriculture in 2014 was 4.6 percent, compared with the 5.2 percent in the provisional estimates released in January, industry grew by 0.9 percent in the current release relative to the 3.9 percent given in January.
Services remained the highest growing sector with 5.7 percent growth in the revised estimates in April, relative to the 4.1 percent provisional estimates given in January.
Nyarko explained that the energy crisis and hikes in the exchange rate conspired to make things difficult for economic activities in the year under review.
?We compared the 2013 results to that of 2012, while comparing 2014 to that of 2013. The lower percentage growth in 2014, in spite of its higher value relative to the 2013 figure, is the result of the base-drift effect,? she stated.
Sampson Akligoh, Chief Executive Officer (CEO) of Investcorp, a local investment banking firm, commented that the GDP figures were explained by the tight fiscal and monetary policy stance over years, and how business activity was being hampered by electricity supply disruptions.
?I think the pace of slowdown in economic activity is even better than anticipated for 2014,? he added. Enditem

Source: Xinhua


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