According to the latest data from the Ghana Statistical Service, Ghana’s economy grew by 2.9% in 2023, surpassing the government’s revised target of 1.5%.
Initially, the government had set a growth target of 2.8% in the budget presented in November 2022 but later adjusted it down to 1.5% during the mid-year budget review.
Presenting the latest figures, Government Statistician Professor Samuel Kobina Annim announced that the economy in 2023 reached a value of Ghc841.6 billion, up from Ghc614.3 billion in 2022, equivalent to a 2.9% increase in GDP. This growth rate represents a slowdown compared to the 3.8% growth recorded in 2022.
While the agriculture and services sectors saw growth rates of 4.5% and 5.5% respectively, the industry sector experienced a decline of -1.2%, indicating a contraction in that sector.
In terms of quarterly growth, the economy expanded by 3.8% in 2023, surpassing the growth rates of 3.1%, 2.5%, and 2.2% recorded in the first three quarters of the year. This data suggests a positive trend for Ghana’s economy despite challenges in the industrial sector.
Source: Apexnewsgh.com/Ghana
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