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According to the Ghana Statistical Service, Ghana’s economy experienced a notable growth of 4.2 percent in the first quarter of 2023 when compared to the corresponding period in 2022.
The key drivers of this GDP growth in the first quarter of 2023 were the sub-sectors of Public Administration, Defense & Social Security, Health, Education, and Information & Communication.
Notably, these sub-sectors exhibited significant expansion, with Public Administration, Defense & Social Security leading the way with a growth rate of 37.6%, followed by Health & Social Work at 31.6%, Education at 26.0%, and Information & Communication at 18.9%.
However, seven sub-sectors experienced contraction during the same period. These included Water Supply, Sewerage, Waste Management & Remediation Activities (-6.4%), Construction (-6.0%), Wholesale and retail trade; repair of motor vehicles and motorcycles (-5.3%), Fishing (-3.3%), Mining and quarrying (-2.9%), Manufacturing (-2.5%), and Hotels and Restaurants (-0.2%).
Gross Domestic Product (GDP) growth serves as a primary indicator of economic performance. It is typically measured using three approaches: the output approach, the expenditure approach, and the income approach.
