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2008 GDP exceeds
growth target
Masahadu Ankiilu
Kunateh, Ghanadot
Accra, April 30, Ghanadot - Figures released by the Ghana
Statistical Service (GSS) disclosed that the Ghana’s economy
grew at the rate of 7.3% of Gross Domestic Product (GDP) for
2008 as against 7% projected by the government at the same
period.
According to the GSS, “The revised real GDP estimate (GDP at
constant 1993 prices) for 2008 was GH¢795.1million, representing
7.3% increase over the final GDP estimates for 2007 (GH¢741.2million)”,
while the nominal GDP (GDP at current prices) was GH¢17,617.6
million.
Releasing the revised GDP estimates for 2008 in Accra,
yesterday, the Director of the Economic Statistics, GSS, Magnus
Ebo Duncan added that the various sectors of the Ghanaian
economy contributed to the real GDP.
The agricultural sector continues to dominate the economy, with
a 33.59% share of the total GDP. Growth in the sector was 5.1%,
driven by crops and livestock sub-sector which grew by 5.82%.
Mr. Duncan observed that good rainfall pattern, coupled with
increase in area under cultivation and use of improved seeds,
led to the increase in output of the crops sub-sector.
Additionally, growth in the industry sector was 8.1% and
contributed 25.89% to the total GDP, whilst mining and quarrying
sub-sector grew by 2.11%.
Gold recorded increase in output while all the other minerals
such as manganese, bauxite and diamond recorded negative growth.
The electricity sub-sector which forms part of the industry
sector recovered from a negative growth in 2007 to record an
increase of 19.42% in 2008, the manufacturing sub-sector, which
had a negative growth in 2007, grew by 4.53%.
Indeed, the service sector had the highest growth rate (9.3%).
Its share of total GDP was 31.81%, a 1.78% percentage points
below that of agricultural sector.
In the service sector, all the sub-sectors grew more than 8%,
except community, social and personnel services, and producers
of private non-profit services.
However, the wholesale and retail trade, hotels and restaurants
sub-sector recorded the highest growth of 10.16%, followed by
government services sub-sector, which recorded 9.7%.
Dr. Grace Bediako, the Government Statistician, used the
occasion to appeal to all stakeholders involve in giving out
information to the service to release timely information to the
GSS to enable them compile the GDP report and release it on
time.
“In the GDP compilations, as with most other statistical
indicators, we depend on other institutions, public and private,
financial and administrative, to fulfill the requirements of the
GDP estimation process”, she added.
Ghanadot
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