[ 2014-04-14 ]

2013 GDP growth revised downwards
The revised Gross Domestic Product (GDP) estimate
for 2013 showed a growth of 7.1 per cent compared
to the 2012 final estimate of 8.8 per cent.

The service sector recorded the highest growth of
8.9 per cent, followed by industry 7.0 per cent
with agriculture recording the lowest growth rate
of 5.2 per cent.

Dr Philomena Nyarko, Government Statistician, said
though the estimates showed an improvement in the
growth of the agriculture sector to 5.2 per cent
in 2013 compared to 2.3 percent in 2012, its
contribution to the economy continues to decline.

Dr Nyarko, who was speaking on Wednesday at a news
conference in Accra, said crops, however, remained
the largest activity in the economy with a share
of 16.9 per cent of GDP.

She said the agriculture sector recorded an
overall growth rate of 4.8 per cent in the fourth
quarter compared to 0.3 per cent in the third
quarter of 2013.

The Government Statistician said economic
activities in the industry sector resulted in a
growth of -1.3 per cent compared to -9.8 per cent
in the third quarter of 2013.

This is due to an increase in the production of
gold by 20.7 per cent and manganese by 26.5 per
cent compared to -6.1 per cent and -19.0 per cent
in the third quarter of 2013, she said.

The Statistical Office also revised third quarter
2013 economic growth to 4.9 per cent from 0.3 per
cent because of improved data.

Dr Nyarko said the manufacturing subsector
recorded a negative growth of 19.0 per cent over
the negative growth rate of 14.0 per cent in the
third quarter.

This is partly due to a decline in the
manufacturing of refined petroleum products by
-51.2 per cent, rubber and plastics products by
-20.5 per cent and wood products by 6.7 per cent,
she said.

Source - Daily Guide

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