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The Ghana Statistical Service (GSS) has reported a 3.2% contraction of the country’s economy during the second quarter of this year for the first time since 1983.
The data provided also showed that Ghana’s Gross Domestic Product (GDP) in the second quarter of this year increased from 85.7 billion GHS compared to 84.3 billion GHS recorded for the same period in 2019.
According to the government statistician, Professor Samuel Kobina Annim, the contraction was due to the partial lockdown and restrictions on certain activities caused by the coronavirus pandemic.
“For the first time in 37 years, the Ghanaian economy has experienced a contraction of 3.2%. Specifically, from the point of view of current prices, the GDP estimates for the second quarter of 2020 were GHS85,758.1 million relative to GHS84, 312.0 million for the second quarter of 2019.
“This increase in GDP is strictly from the point of view of current prices and the influence of price changes over time is the main reason why we are seeing the increase of around 1,446 million Ghana cedis. “, said.
When analyzed quarterly, the GDP growth rate in the second quarter of the year was -0.8%.
This indicates that the value of goods and services produced in the second quarter of 2020 contracted by 0.8% over the value of goods and services produced in the first quarter of 2020.
The greatest expansion was recorded in the information and communications subsector with 74.2%, while the hotels and restaurants subsector recorded the greatest contraction with 79.4%.
On the other hand, the agricultural sector experienced a growth rate of 2.5%, while the services sector contracted by 2.6% and the industrial sector by 5.7%.
Meanwhile, the livestock subsector registered the highest interannual growth rate of 5.7% in the agricultural sector, while the forestry and timber subsector recorded the lowest GDP, with a contraction of 8.4%.
The oil sector had also registered a contraction of 3.2% in the second quarter, while the non-oil sector contracted 3.4%.