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Services Sector Dominates Ghana’s Economy in 2012

Finance Minister Seth TerkperIn 2012, the service sector recorded the highest growth of 10.2% Gross Domestic Product (GDP). In the sector Information and Communications subsector and Finance and Insurance subsector recorded growth rates of 23.4% and 23.0% respectively.

In the same category, Real Estate, Professional, Administrative and Support Service Activities subsector and Hotels and Restaurants subsector grew respectively by 13.1% and 13.0%. All the other subsectors recorded growth below 10%.

The services sector remains the largest with a share of 50.0% of GDP, followed by 27.3% industry and agriculture 22.7%.

However, industry had growth of 7.0%. In this sector Construction and Electricity subsectors recorded relatively high growth rates of 11.2% and 11.1% respectively, while mining and quarrying recorded 5.0% growth, manufacturing grew by 5.0%, and water by 2.0%.

Though solid minerals grew significantly as well as crude oil production, drastic reduction in investment in the development of oil wells in 2012 compared to 2011, contributed to the low growth of the mining and quarrying subsector.

The agriculture sector, which recorded the lowest growth of 1.3%, had it contribution from crops such as cocoa with one percent growth rate, while the forestry subsector grew at negative 1.4%. Meanwhile, fishing and livestock subsectors grew by 4.7% and 5.0% respectively.

The revised real GDP estimates for 2012 was GHc30,089.9 million, a growth of 7.9% over the 2011 final estimates of GH27,891.4 million.

In nominal terms, the revised GDP estimates for 2012 is GHc73,109.1 million, compared to the provisional estimates of GHc71,847.1 million for the same period released in September 2012.

According to Ghana Statistical Service (GSS), the GDP estimates for 2011 have been reviewed upwards to record a growth rate of 15.0%. Upward revisions were made to the estimates of the manufacturing subsectors and transport and storage subsector, with downward revisions to the construction and trade subsectors.

In the 2013 budget statement, the Minister of Finance, Mr. Seth Tekper said based on the policies and strategies to be pursued in the medium term, the economy is projected to grow at no less than 8% from 2013 to 2015.

‘More specifically, the economy is projected to grow at 8% in 2013, 8.7% in 2014, and 8.9% in 2015,’ said the Minister.

Source: Fred Yaw Sarpong

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