Global economic research team, FocusEconomics is predicting Ghana’s economy to grow at 3.4 percent by close of year 2015. The figure, which is just 0.1 percentage point different from government’s projection of 3.5 percent is in sharp contrast with the Ghana Statistical Service’s (GSS) prediction of the economy growing by 4.1 percent by end of 2015.
According to FocusEconomics team, the economy will experience the deceleration in growth due to low cocoa production, instability in the local currency and the electricity shortages.
These challenges, are expected to impact on output, particularly in the private sector which employs majority of the country’s work force.
The team, however predicts a good outlook for Ghana in 2016 with growth averaging 5.2 percent, while inflation moderate by the last quarter of 2015 to 15.9 percent.
Meanwhile, provisional figures released by the Ghana Statistical Service indicate the country grew by 3.9 percent in the second quarter of 2015 representing GHS32,000.3 million compared to revised estimate of 2.6 percent recorded in the second quarter of 2014.
The Gross Domestic Product (GDP) estimate at current prices from April to June this year was over GHS 3,000.2 million more than the first quarter (January to March) which recorded GHS 28961.1million.
The main sectors of the economy—Industry, Services and Agriculture recorded 15.3 percent growth, 5.3 percent and -0.1 percent respectively.
The Non-oil GDP estimate at current prices for the second quarter of 2015 was GHS30, 497.0 million compared to GHS 27, 671.5 million in the first quarter of 2015.
The Oil GDP estimate at constant 2006 prices for the second quarter of 2015 was GHS8, 214.4 million compared to GHC7, 703.6 million in the first quarter of 2015.
The Non-oil GDP at constant 2006 prices for the second quarter of 2015 was GHS7, 648.1 million compared to GHS7, 197.3 million in the 1st quarter of 2015.
Agricultural sector
In the agricultural sector, the livestock subsector increased by 2.6 percent in the second quarter of 2015 compared to the 3.6 percent growth recorded in the first quarter of 2015.
The crops subsector declined by 0.8 percent compared to 0.2 recorded in the first quarter of 2015.
Industrial sector
Within the industrial sector, the construction subsector increased by 11.6 percent as against the 20 percent recorded in the first quarter of 2015.
The water and sewage sub-sector recorded a growth of 2.7 percent compared to 4.1 percent recorded in the first quarter of 2015. However, electricity sub-sector contracted by 4.8 percent.
Services sector
In the services sector, Finance and Insurance activities increased by 14.8 percent, while the Public Administration, Defense and Social Security subsector expanded by 5.0 percent.
There was, however, a decline in the transport and storage subsector by 3.2 percent.
