Economy slows down in quarter 3, 2022; GDP expands by 2.9% – GSS

Ghana’s economy grew at the slowest pace in two years in the third quarter of 2021, data from the Ghana Statistical Service (GSS) has revealed.

According to the GSS, the country’s economy expanded at 2.9% in the third quarter of 2022.

This is lower than the 4.7% Gross Domestic Product (GDP) recorded in the second quarter of 2022.

Nine sub-sectors contracted in quarter three of 2022.

Mining & Quarrying (14.9%) was the only sub sector in Industry that recorded a growth rate.

GDP sectoral sharesThe Services sector continue to be the largest sector of the Ghanaian economy in the second quarter of 2022 with a share of 44.4% of GDP at basic prices.

Meanwhile, the GDP estimate at current prices in purchaser’s value for the 3rd quarter of 2022 was ¢149.87 billion compared to ¢112.48 billion in the 3rd quarter of 2021.