GHANA STATISTICAL SERVICE. Annual Gross Domestic Product
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1 GHANA STATISTICAL SERVICE Statistics for Development and Progress Annual Gross Domestic Product September 2015 Edition Ghana Statistical Service (GSS) P.O. Box GP 1098, Accra
2 The following symbols and abreviations are used in the tables: 0 Less than half the digit shown - Nil or no figures. Numerical value unknown.. Not available Data will be available later x Cell blocked for logical reasons Gh Ghana Cedi US$ US Dollar n.e.s. Not elsewhere specified Where figures have been rounded up, the total may not match the sum of the rounded constituent items. For technical enquiries contact: Ghana Statistical Service (GSS), Head Office Economic Statistics Directorate Tel No: econstats@statsghana.gov.gh
3 Table of Contents Page Introduction 3 Key findings 3 Memorandum items 3 Table 1.1 Table 1.1: Gross Domestic Product (GDP) at Current Market Prices by Economic Activity (Gh Million) 4 Table 1.2 Table 1.2: Distribution of Gross Domestic Product (at Basic Prices) by Economic Activity (percent) 5 Table 1.3 Table 1.3: Gross Domestic Product (GDP) at 2006 Prices by Economic Activity (Gh Million) 6 Table 1.4 Table 1.4: Growth Rates of Gross Domestic Product at 2006 Constant Prices (percent 7 Table 1.5 Table 1.5: NON-OIL GDP at Current Market Prices by Economic Activity (Gh Million) 8 Table 1.6 Table 1.6: Distribution of Non-Oil GDP (at Basic Prices) by Economic Activity (percent) 8 Table 1.7 Table 1.7: NON-OIL GDP at 2006 Constant Prices by Economic Activity (Gh Million) 9 Table 1.8 Table 1.8: Growth Rates of NON-OIL GDP at 2006 Constant Prices (percent) 9
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5 FINALIZED 2006 TO 2013 ANNUAL GDP, 2014 REVISED GDP AND PROVISIONAL 2015 GDP ESTIMATES INTRODUCTION Gross Domestic Product is the estimate of the total value of final goods and services produced in the country over a given a period. The estimation of the Gross Domestic Product (GDP) is done in stages, with estimates generated at each stage being dependent on available data. Estimates from each stage are progressively designated as provisional, revised and final. This release contains the provisonal 2015 GDP estimates, revised 2014 estimates and final estimates for 2006 to The estimates for 2014 used data covering four quarters of the year from production units representing data for the whole year. The 2015 provisional estimates are estimations based on two quarters of 2015 with underlying assumptions. Further revisions to these estimates will be carried out in December KEY FINDINGS Provisional GDP estimates for 2015 showed a growth of 4.1 percent over the 2014 revised estimates. The Industry sector recorded the highest growth of 9.1 percent, followed by Services (4.7%) and the Agriculture sector with a growth of 0.0 percent. Services remain the largest sector. Its share of GDP increased from 51.9 percent in 2014 to 54.1 percent in The sector's growth rate however decreased from 5.6 percent in 2014 to 4.7 percent in Two of the subsectors in this sector recorded growth rates above 15 percent. These are the Financial and Insurance subsector (15.8%) and the Public Administration and Defence; Social Security Services subsector. In the Agriculture sector, the least growing sector with a share of 19.0 percent, growth rates declined from 4.6 percent in 2014 to 0.0 percent in Of all the Agriculture activities the Livestock subsector recorded the highest growth of 9.3 percent in Construction is the largest activitity within the Industry sector with a growth of 30.6 percent and a share of 14.8 percent of nominal GDP. The share of Industry sector inched up slightly from 26.6 percent in 2014 to 26.9 percent in The Non-Oil annual GDP growth rate expanded from 3.9 percent in 2014 to 4.2 percent in The 2015 Non-oil GDP for the Industry grew from -0.3 percent in 2014 to 11.4 percent in The Agriculture sector contracted from 4.6 percent in 2014 to 0.0 percent in 2015 and the Services sector from 5.6 percent in 2014 to 4.7 percent in Crops is the second largest activity in the economy with a share of 14.6 percent of nominal GDP at basic prices. Memorandum Items Economic Aggregate * 2015** Population estimate (million) Exchange rate ( /$) GDP current (million Gh ) 46,042 59,816 75,315 93, , ,047 Non-Oil GDP current (million Gh ) 45,865 56,070 69,666 85, , ,957 GDP current (million US$) 32,186 39,517 41,656 48,654 38,552 36,657 Per capita GDP (Gh ) 1,867 2,370 2,916 3,535 4,192 5,061 Per capita GDP (US$) 1,305 1,566 1,613 1,841 1,426 1,325 Growth Rates % GDP at current market prices GDP at constant 2006 prices Non-Oil GDP at constant 2006 prices Change in GDP deflator *Revised ** Provisional 3
6 Table 1.1: Gross Domestic Product (GDP) at Current Market Prices by Economic Activity (Gh Million) * 2015** 1. AGRICULTURE 5,415 6,320 8,875 11,343 12,910 14,155 16,668 20,232 23,278 25, Crops 3,794 4,409 6,435 8,425 9,422 10,650 12,525 15,742 18,144 19,471 o/w. Cocoa ,392 1,996 1,869 1,981 2,409 2, Livestock ,004 1,162 1,223 1,318 1, Forestry and Logging ,072 1,314 1,614 1,549 1,880 2,019 2,537 2, Fishing , ,102 1,249 1,279 1, INDUSTRY 3,704 4,513 5,855 6,776 8,294 14,274 20,438 25,113 28,767 35, Mining and Quarrying ,013 4,690 6,961 8,503 8,640 8,562 o/w. Oil*** ,746 5,649 7,441 7,793 8, Manufacturing 1,823 1,990 2,277 2,478 2,941 3,842 4,263 4,800 5,342 6, Electricity Water and Sewerage Construction 1,016 1,564 2,500 3,144 3,706 4,995 8,370 10,848 13,766 19, SERVICES 8,690 10,922 13,935 17,543 22,184 27,423 35,837 44,964 56,248 72, Trade; Repair Of Vehicles, Household Goods 1,141 1,335 1,710 2,109 2,701 3,282 4,060 5,222 6,085 7, Hotels and Restaurants 894 1,210 1,716 2,196 2,593 3,007 3,517 5,256 6,099 7, Transport and Storage 2,357 2,849 3,262 3,758 4,578 5,997 8,041 10,149 13,351 15, Information and Communication ,590 1,572 2,441 3, Financial and Insurance activities ,089 1,547 2,240 2,466 3,452 5,885 9,115 13, Real Estate, Professional, Administrative & Support Service activities 3.07 Public Administration & Defence; Social Security 914 1,018 1,185 1,462 1,945 2,591 3,502 3,485 3,894 5, ,289 1,799 2,479 3,024 3,897 4,952 5,305 5,843 7, Education ,132 1,506 1,877 2,307 3,101 3,248 3,883 5, Health and Social Work ,091 1, Community, Social & Personal Service Activities FISIM (Financial Intermediation Services Indirectly Measured)*** GROSS DOMESTIC PRODUCT at basic prices ,039 1,318 1,722 2,159 2,701 3,886 4,445 5, ,192 1,512 1,458 2,317 2,919 4,354 7,014 17,403 21,252 27,975 34,470 41,876 54,394 70,627 87, , ,801 Net indirect Taxes 1,302 1,902 2,204 2,128 4,166 5,422 4,689 6,026 9,404 13, GROSS DOMESTIC PRODUCT in purchasers' value 18,705 23,154 30,179 36,598 46,042 59,816 75,315 93, , ,047 *Revised ** Provisional *** FISIM is a negative item *** Oil means Oil and Gas 4
7 Table 1.2: Distribution of Gross Domestic Product (at Basic Prices) by Economic Activity (percent) * 2015** 1. AGRICULTURE Crops o/w. Cocoa Livestock Forestry and Logging Fishing INDUSTRY Mining and Quarrying o/w. Oil*** Manufacturing Electricity Water and Sewerage Construction SERVICES Trade; Repair Of Vehicles, Household Goods Hotels and Restaurants Transport and Storage Information and communication Financial and Insurance Activities Real Estate, Professional, Administrative & Support Service activities Public Administration & Defence; Social Security Education Health And Social Work Community, Social & Personal Service Activities GROSS DOMESTIC PRODUCT at basic prices *Revised ** Provisional ***Oil means Oil and Gas 5
8 Table 1.3: Gross Domestic Product (GDP) at 2006 Prices by Economic Activity (Gh Million) * 2015** 1. AGRICULTURE 5,415 5,322 5,716 6,129 6,453 6,507 6,657 7,035 7,362 7, Crops 3,794 3,743 4,064 4,479 4,703 4,878 4,915 5,204 5,499 5,406 o/w. Cocoa Livestock Forestry and Logging Fishing INDUSTRY 3,704 3,930 4,522 4,725 5,053 7,157 7,947 8,475 8,542 9, Mining and Quarrying ,116 2,462 2,747 2,834 2,727 o/w. Oil*** ,372 1,669 1,969 2,058 2, Manufacturing 1,823 1,801 1,868 1,844 1,984 2,321 2,366 2,355 2,335 2, Electricity Water and Sewerage Construction 1,016 1,252 1,739 1,902 1,949 2,285 2,659 2,887 2,888 3, SERVICES 8,690 9,358 10,106 10,667 11,715 12,813 14,361 15,798 16,679 17, Trade; Repair Of Vehicles, Household Goods 1,141 1,203 1,317 1,388 1,573 1,746 1,944 2,225 2,261 2, Hotels and Restaurants , ,023 1,082 1,348 1,332 1, Transport and Storage 2,357 2,573 2,672 2,790 3,014 3,346 3,653 3,635 3,646 3, Information and communication ,286 1,599 2,213 2, Financial and Insurance Activities ,201 1,475 1, Real Estate, Professional, Administrative & Support Service activities ,076 1,227 1,452 1,198 1,180 1, Public Administration & Defence; Social Security ,082 1,208 1,249 1,341 1,397 1,514 1,444 1, Education ,000 1,067 1,140 1,221 1, Health And Social Work Community, Social & Personal Service Activities ,057 1,101 1,503 1,479 1,457 FISIM (Financial Intermediation Services Indirectly Measured)**** ,015 1,315 1,394 1, GROSS DOMESTIC PRODUCT at basic prices 17,403 18,160 19,822 20,782 22,424 25,573 27,950 29,994 31,188 32,459 Net indirect Taxes 1,302 1,358 1,482 1,554 1,677 1,913 2,090 2,243 2,334 2, GROSS DOMESTIC PRODUCT in purchasers' value 18,705 19,518 21,304 22,336 24,101 27,486 30,040 32,237 33,522 34,888 *Revised **Provisional **** FISIM is a negative item 20,043 21,627 24,670 26,935 28,679 29,794 ***Oil means Oil and Gas 6
9 Table 1.4: Growth Rates of Gross Domestic Product at 2006 Constant Prices (percent * 2015** 1. AGRICULTURE Crops o/w. Cocoa Livestock Forestry and Logging Fishing INDUSTRY Mining and Quarrying o/w. Oil*** Manufacturing Electricity Water and Sewerage Construction SERVICES Trade; Repair Of Vehicles, Household Goods Hotels and Restaurants Transport and Storage Information and communication Financial and Insurance Activities Real Estate, Professional, Administrative & Support Service activities Public Administration & Defence; Social Security Education Health And Social Work Community, Social & Personal Service Activities FISIM (Financial Intermediation Services Indirectly Measured)**** GROSS DOMESTIC PRODUCT at basic prices Net indirect Taxes GROSS DOMESTIC PRODUCT in purchasers' value *Revised ** Provisional *** Oil means Oil and Gas **** FISIM is a negative item 7
10 Table 1.5: NON-OIL GDP at Current Market Prices by Economic Activity (Gh Million) * 2015** 1. AGRICULTURE 5,415 6,320 8,875 11,343 12,910 14,155 16,668 20,232 23,278 25, Crops 3,794 4,409 6,435 8,425 9,422 10,650 12,525 15,742 18,144 19,471 o/w. Cocoa ,392 1,996 1,869 1,981 2,409 2, Livestock ,004 1,162 1,223 1,318 1, Forestry and Logging ,072 1,314 1,614 1,549 1,880 2,019 2,537 2, Fishing , ,102 1,249 1,279 1, INDUSTRY 3,704 4,513 5,855 6,776 8,117 10,528 14,789 17,671 20,974 27, Mining and Quarrying ,312 1, Manufacturing 1,823 1,990 2,277 2,478 2,941 3,842 4,263 4,800 5,342 6, Electricity Water and Sewerage Construction 1,016 1,564 2,500 3,144 3,706 4,995 8,370 10,848 13,766 19, SERVICES 8,690 10,922 13,935 17,543 22,184 27,423 35,837 44,964 56,248 72, Trade; Repair Of Vehicles, Household Goods 1,141 1,335 1,710 2,109 2,701 3,282 4,060 5,222 6,085 7, Hotels and Restaurants 894 1,210 1,716 2,196 2,593 3,007 3,517 5,256 6,099 7, Transport and Storage 2,357 2,849 3,262 3,758 4,578 5,997 8,041 10,149 13,351 15, Information and communication ,590 1,572 2,441 3, Financial and Insurance Activities ,089 1,547 2,240 2,466 3,452 5,885 9,115 13, Real Estate, Professional, Administrative & Support 914 1,018 1,185 1,462 1,945 2,591 3,502 3,485 3,894 5,066 Service activities 3.07 Public Administration & Defence; Social Security 862 1,289 1,799 2,479 3,024 3,897 4,952 5,305 5,843 7, Education ,132 1,506 1,877 2,307 3,101 3,248 3,883 5, Health And Social Work ,091 1, Community, Social & Personal Service Activities ,039 1,318 1,722 2,159 2,701 3,886 4,445 5,529 FISIM (Financial Intermediation Services Indirectly Measured)*** ,192 1,512 1,458 2,317 2,919 4,354 7, GROSS DOMESTIC PRODUCT at_basic_prices 17,403 21,252 27,975 34,470 41,699 50,648 64,978 79,948 96, ,710 Net indirect Taxes 1,302 1,902 2,204 2,128 4,166 5,422 4,689 6,026 9,404 13, GROSS DOMESTIC PRODUCT in_purchasers'_value 18,705 23,154 30,179 36,598 45,865 56,070 69,666 85, , ,957 * Revised ** Provisional *** FISIM is negative figure Table 1.6: Distribution of Non-Oil GDP (at Basic Prices) by Economic Activity (percent) * 2015** 1. AGRICULTURE INDUSTRY SERVICES GROSS DOMESTIC PRODUCT at_basic_prices *Revised ** Provisional 8
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12 Table 1.7: NON-OIL GDP at 2006 Constant Prices by Economic Activity (Gh Million) * 2015** 1. AGRICULTURE 5,415 5,322 5,716 6,129 6,453 6,507 6,657 7,035 7,362 7, Crops 3,794 3,743 4,064 4,479 4,703 4,878 4,915 5,204 5,499 5,406 o/w. Cocoa Livestock Forestry and Logging Fishing INDUSTRY 3,704 3,930 4,522 4,725 4,988 5,785 6,279 6,506 6,484 7, Mining and Quarrying Manufacturing 1,823 1,801 1,868 1,844 1,984 2,321 2,366 2,355 2,335 2, Electricity Water and Sewerage Construction 1,016 1,252 1,739 1,902 1,949 2,285 2,659 2,887 2,888 3, SERVICES 8,690 9,358 10,106 10,667 11,714 12,813 14,361 15,798 16,679 17, Trade; Repair Of Vehicles, Household Goods 1,141 1,203 1,317 1,388 1,573 1,746 1,944 2,225 2,261 2, Hotels and Restaurants , ,023 1,082 1,348 1,332 1, Transport and Storage 2,357 2,573 2,672 2,790 3,014 3,346 3,653 3,635 3,646 3, Information and communication ,286 1,599 2,213 2, Financial and Insurance Activities ,201 1,475 1, Real Estate, Professional, Administrative & Support Service activities ,076 1,227 1,452 1,198 1,180 1, Public Administration & Defence; Social Security ,082 1,208 1,249 1,341 1,397 1,514 1,444 1, Education ,000 1,067 1,140 1,221 1, Health And Social Work Community, Social & Personal Service Activities ,057 1,101 1,503 1,479 1,457 FISIM (Financial Intermediation Services Indirectly Measured)*** ,015 1,315 1,394 1, GROSS DOMESTIC PRODUCT at_basic_prices 17,403 18,160 19,822 20,782 22,358 24,201 26,281 28,025 29,131 30,357 Net indirect Taxes 1,302 1,359 1,483 1,555 1,673 1,811 1,966 2,097 2,179 2, GROSS DOMESTIC PRODUCT in_purchasers'_value 18,705 19,519 21,305 22,337 24,031 26,012 28,248 30,121 31,310 32,628 * Revised #VALUE! 4.3% 9.1% 4.8% 7.6% 8.2% 8.6% 6.6% 3.9% 4.2% ** Provisional 4.3% 9.1% 4.8% 7.6% 8.2% 8.6% 6.6% 3.9% Table 1.8: Growth Rates of NON-OIL GDP at 2006 Constant Prices (percent) * 2015** 1. AGRICULTURE INDUSTRY SERVICES GROSS DOMESTIC PRODUCT at_basic_prices Net Indirect Taxes GROSS DOMESTIC PRODUCT in purchasers' value *Revised ** Provisional 9
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