Ghana’s economy grows 6.6% in third quarter 2021, faster than 4.03% in Nigeria – Nairametrics
Ghana’s economy grew 6.6% in the third quarter of 2021 compared to the 3.9% expansion recorded in the previous period. This is more than the 4.03% growth recorded by Nigeria, the continent’s largest economy.
Recall that the Nigerian economy grew 4.03% year-on-year in the third quarter of 2021, slower growth compared to 5.01% recorded in the previous quarter.
Ghana has recorded its fastest rate of GDP growth since the start of the COVID-19 pandemic. Growth that reversed the economic slowdown recorded the previous year. According to government statistician Samuel Kobina Annim at a press conference, âThis 6.6% growth rate that we recorded for the third quarter of 2021 is the closest we have to the pre-2020 period, when COVID was about to take hold.â
He also added that, “This growth rate that we have recorded brings us closer to the GDP growth rate that we recorded during the pre-COVID-19 era, bearing in mind that we recorded a growth rate of 9% in the first quarter of 2019. “
Drivers of quarterly growth
According to data from Ghana Statistical Service (GSS), the crop, education, trade, vehicle repair, housewares, manufacturing and information and communication sub-sectors of the The economy were the main drivers of GDP growth for the third quarter of 2021.
In particular, the education sector increased by 24.2% during the period considered, health and social works increased by 20.5%, information and communication (17%), administration professional and support (16.7%) and the hotel and catering industry (16.4%).
Others include public administration and defense, social security which increased by 16.3%, fishing increased by 14.3%, real estate increased by 11.5%, while the under- Crops sector recorded a GDP growth of 9.8%.
In terms of sectoral performance of GDP, the service sector recorded the highest growth of 13.4% in the quarter under review, while agriculture followed with growth of 9.2%. On the other hand, the industrial sector contracted by 2% due to the significant contraction of the mining sub-sector of the economy.
Unlike the growth recorded in Nigeria during the same period, the main engines of growth have been trade, information and communication (telecommunications); other drivers include finance and insurance (financial institutions); Manufacturing (food, beverages and tobacco); Agriculture (crop production); and transport and storage (road transport), which represents positive GDP growth.
What you should know
Ghana is Africa’s 8th largest economy according to World Bank data, estimated at $ 68.53 billion in 2020. Meanwhile, a country’s GDP is the total monetary or market value of the goods and services produced. within an economy over a period of time.