Ghana’s economy rebounding after contracting twice in 2020

3NEWS
Ghana’s economy rebounding after contracting twice in 2020

The Government Statistician, Professor Samuel Kobina Annim, has revealed that Ghana’s economy is recovering after contracting twice in the year 2020 amidst the outbreak of the coronavirus pandemic.

Prof Annim noted that the economy went down by 1.1% in the third quarter of 2020, making it the second time it has tapered in the same year owing to the virus.

But it regained marginally by -0.3 percent. In the same period in 2019, it was 5.6 percent.

Addressing a press conference in Accra on Wednesday, December 16, Professor Annim attributed the marginal growth to the agric sector.

“The Agriculture Sector was the main driver of GDP growth, recording 8.3 percent in the third quarter of 2020,” he said.

The gross domestic including oil and gas estimated at constant 2013 prices for the third quarter of 2020 was GH¢41.05 billion compared to GH¢41.5 billion in the third quarter of 2019.

“When seasonally adjusted, Ghana Real GDP increased to -0.3% in quarter three (July to September) of 2020; from -0.8% recorded in quarter two (April to June) of 2020. The Agriculture Sector was the main driver of GDP growth, recording 8.3% in quarter 3, 2020.

“Key sub-sectors that contracted in quarter three of 2020 are: Hotel and Restaurants (-62.1%) Mining and Quarrying (-16.9%); Trade, Repair of Vehicle, Household Goods (-7.7%); Forestry & Logging (-6.8%)

“Main sub-sectors that expanded in quarter three of 2020 are: Information & Communication (51.3%) Fishing (20.4%); Real Estate (12.2%) Electricity (11.6%).”

By Ebenezer Agyekum-Boateng|3news.com|Ghana

 

The post Ghana’s economy rebounding after contracting twice in 2020 appeared first on 3NEWS.

Read Full Story