1ST Quarter GDP Grows By 6.7%

Real Gross Domestic Product (GDP) for the first quarter of 2014 recorded 6.7 percent, Baah Wadieh, Deputy Government Statistician has noted. Speaking at a press conference on Wednesday in Accra, Mr Wadieh said the agricultural sector recorded the highest growth of 12.7 percent followed by the services sector with a growth rate of 4.6 percent. Industry recorded a negative growth rate of -1.1 percent while the year-on-year GDP growth rate for the first quarter of 2013 was 9.0 percent. He said livestock production expanded by 24.7 percent while fishing activities increased by 20 percent. Financial and insurance activities increased by 19.7 percent, community, social and personal activities was up by 10.7 percent while information and communication increased by 10.3 percent. The most notable performances were the forestry and logging activities 19.0 percent; fishing activities -14.1 percent; mining and quarrying activities 8.4 percent, livestock activities 4.5 percent while community, social and personal activities yielded 4.3 percent. Mr. Wadieh mentioned that in the agricultural sector, activity in the cocoa and crops subsector reflected a positive growth of 0.8 percent over the fourth quarter of 2013. The manufacturing sub-sector recorded a negative growth of 0.1 percent. Negative growth was recorded in electricity production (-1.8 percent), financial and insurance activities (-3.9 percent) and communication activities (-1.7 percent).