Ghana’s economy grew 4.2% year-on-year in the first quarter of 2023, compared with a growth rate of 3.7% in the previous quarter, the Ghana Statistical Service (GSS) disclosed on Wednesday.
The GSS data further revealed a positive development in the country’s real GDP, with a 1.1 percent increase in the first quarter of 2023 covering January to March.
This represents 0.3 percentage points higher than what was recorded in the fourth quarter of 2022 covering October to December.
The main drivers for the GDP growth for Q1 2023 was attributed to Public Administration, Defense & Social Security, Health, Education, Information and Communication sub-sectors.
The main sub-sectors with more than 10 percentage expansion in the first quarter of 2023 are; Public Administration, Defense & Social Security (37.6%) 2. Health & Social Work (31.6%) 3. Education (26.0%) 4. Information & Communication (18.9%).
Meanwhile, about seven sub-sectors experienced contraction in the first quarter of 2023.
They include; 1. Water Supply, Sewerage, Waste Management & Remediation Activities (- 6.4%) 2. Construction (-6.0%) 3. Wholesale and retail trade; repair of motor vehicles and motorcycles (-5.3%) 4. Fishing (-3.3%) 5. Mining and quarrying (-2.9%) 6. Manufacturing (-2.5%) 7. Hotels and Restaurants (-0.2%).