Ghana’s Real Quarterly GDP for the second quarter of 2013 grew by 6.1%, (year-on-year) compared to 6.7% recorded in the first quarter. The Services sector recorded the highest growth of 9.2%, followed by the Industry Sector 2.5%, while the Agriculture sector showed a negative growth of 3.9% (see Table 1).
The positive growth recorded by the Services sector was due to increases in Information and Communication activities, and Real Estate, Professional, Administrative & Support Service activities. Financial and Insurance activities (27.5%), Information and Communication activities (24.5%) and Public Administration (19.7%) were the main contributors to the Services sector.
The main contributors of the Industry sector were Mining and Quarrying (29.1%); followed by Electricity (9.4%) and Construction (6.8%).
The Mining and Quarrying subsector within the Industry sector, recorded a growth of 3.7% due to the increase in the production of Oil and its development activities and Diamond over the first quarter. However, the manufacturing subsector recorded a negative growth of 19.8 percent, partly due to lower production in the food, beverages, and tobacco division, refined petroleum products, and chemicals and chemical products division.
Key findings of the performance in the Agriculture sector for the 2nd quarter of 2013 compared with the 2nd quarter of 2012 are Fishing (2.9%), the only subsector with positive growth, while the Crops and cocoa (-1.4%), Livestock (-12.6%) and Forestry and Logging (-8.6%) subsectors contributed negatively to the sector.
In the Agriculture sector, economic activity in the crop subsector reflected a positive growth of 1.5 percent due to its seasonal pattern (planting season). Economic activities in the Livestock, Forestry and logging, and Fishing subsectors recorded negative growths partly due to their seasonal patterns.