Size of Ghana’s economy hits GH¢841.63bn in 2023 – GSS

March 21, 2024 / Comments (0)

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The size of Ghana’s economy stood at GH¢841.63 billion in 2023, the Ghana Statistical Services has revealed.

This includes net indirect taxes estimated at GH¢58.74 billion.

In 2022, the size of the country’s economy or Gross Domestic Product was estimated at GH614.33 billion.

According to the Ghana Statistical Services, the services sector constituted the biggest sector, accounting for GH¢357.34 billion. This represented 45.6% contribution to GDP.

Industry followed with GH¢247.941 billion, about 31.7% contribution to GDP.

Agriculture was estimated at GH¢177.606. billion (22.7% contribution to GDP).

The top five Sub-Sectors by Share of GDP were Crops (19.4%), Trade; Repair of Vehicles, Household Goods (18.3%), Mining and Quarrying (12.9%), Manufacturing (12.1%), Transport and Storage (6.0%).

According to the Ghana Statistical Services, the last quarter of 2023, recorded the highest real GDP growth rate (3.8%) across the four quarters with the Industry sector reversing a consistent contraction in the first three quarters to an expansion of 1.6% in the 2023 quarter 4.

The report added that Gross National Income per capita from a local currency perspective has more than doubled since 2018, from GH9,813 to GH25,349.

However, from a US dollar viewpoint, the report said the income per head has remained about the same in the last six years, ranging from a highest $2,453 to a lowest of $2,126.

Ghana’s economy grew by 2.9% in 2023 – GSS

Ghana’s economy recorded a 2.9% Gross Domestic Product (GDP) growth in 2023, stronger than the revised 1.5% by the Finance Ministry.

The growth rate was slower than the 3.1% recorded in 2022.


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