Ghana’s GDP growth fell to 3.6% in Q4 2024, the lowest since Q3 2023, following a revised 7.5% growth in Q3. The industrial sector was particularly weak at 0.2%, while services and agriculture sectors grew by 6.3% and 2.9%, respectively. The overall GDP growth for the year 2024 stood at 5.7%.
Ghana’s economy experienced a year-on-year growth of 3.6% in the fourth quarter of 2024, marking the lowest rate since the third quarter of 2023. This decline follows a notable upwardly revised expansion of 7.5% in the preceding three-month period. Additionally, the industrial sector significantly contributed to this slowdown, achieving only 0.2% growth compared to a 10.4% increase in the previous quarter.
In contrast, the services sector demonstrated robust performance, advancing by 6.3%, while agriculture showed a steady increase of 2.9%. Despite the deceleration in GDP growth during Q4, Ghana’s economy showed an overall growth of 5.7% for the entire year of 2024, reflecting a mixed performance across various sectors.
The Ghanaian economy’s GDP growth rate has slowed to 3.6% in Q4 2024, marking its lowest performance in over a year. This downturn was primarily attributed to sluggish growth in the industrial sector. However, the services and agriculture sectors exhibited resilience, contributing positively to the overall annual growth of 5.7% for 2024.
Original Source: www.tradingview.com
