Ghana's economy grew 1.7%in Q3, 2012

Ghana's Gross Domestic Product (GDP) grew by 1.7 percent year-on-year in the third quarter of 2012, according to the Ghana Statistical Service (GSS). Speaking to the media here Wednesday, Acting Government Statistician Philomena Nyarko disclosed that the Agriculture sector recorded the highest growth rate at 4.6 percent, with the Crops sub-sector (including cocoa) growing by 9.4 percent, while Livestock, Forestry and Fishing subsectors shrank by 20.5 percent, 7.5 percent and 24.2 percent respectively. "Industry sector had the second highest growth rate with 3.6 percent, with the main drivers of growth in the sector, Construction sub-sector recording 19.2 percent, Mining and Quarrying with 5.2 percent and Water and Sewerage activities with 0.6 percent," Nyarko added. The Services sector, according to the Acting Government Statistician, recorded a negative growth of -2.2 percent. The main contributors to the Services sector's performance were Hotel and Restaurants with 31.8 percent growth. Based on the half-year figures, the GSS last September announced a 7.1 percent annual GDP estimates for the country, compared with the government's annual GDP target of 9.4 percent. While the first quarter recorded a growth of 15.7 percent, the second quarter recorded 3.2 percent economic growth. In 2011, the country's GDP recorded a growth of 14.4 percent, fuelled by the first year of commercial oil production, with the World Bank describing Ghana as the fastest growing economy in the world. That same year, the country's largest foreign exchange earner, cocoa, grossed over one million metric tons.