Economy grows by 12 percent in third quarter of 2011

The Ghanaian economy recorded a 12 percent growth for the third quarter of last year over the same period for 2010. This however represented a marginal decline compared with the 17 percent recorded in the 2nd quarter of last year.

Last year’s 3rd quarter growth was as a result of a substantial leap from industry also largely fueled by the crude oil production from the jubilee field.

Head of Economic Statistics at the Statistical Service, Ebo Duncan explained to Joy Business what accounted for this.

“The industry sector which has mining and quarrying, manufacturing, electricity, water and construction recorded the highest growth of 37.2 percent.

Within that sector, mining and quarrying subsector sector grew by 263.1 percent mainly due to crude oil whilst Construction too grew by about 5.9 percent. These two together pushed industry’s growth to 37.2 percent”.

Manufacturing didn’t do well. Whilst electricity had an increase of 7.8 percent, water on the other side didn’t do that well”

The services sector followed industry with 5.8 percent growth whilst Agric recorded the lowest growth of 5.2 percent.

The Services Sector however maintained its dominance as the biggest contributor to the economy with 50 percent, followed by Industry and Agriculture.