Ghana’s GDP growth slowed to 3.6% in Q4 2024, the lowest since Q3 2023, following a growth of 7.5% in Q3. The industrial sector grew by only 0.2%, while services and agriculture sectors rose by 6.3% and 2.9%, respectively. For the year 2024, GDP grew by 5.7%.
Ghana’s economy experienced a year-on-year growth of 3.6% in the fourth quarter of 2024, marking the lowest increase since the third quarter of 2023. This slowdown followed a robust upwardly revised growth of 7.5% in the preceding quarter. Notably, the industrial sector registered a meager growth rate of 0.2%, a significant decrease from the 10.4% growth observed in the previous quarter.
In contrast, the services sector demonstrated resilience, posting a growth rate of 6.3%, while the agricultural sector saw a modest increase of 2.9%. Overall, Ghana’s GDP for the entire year of 2024 rose by 5.7%, indicating a slightly decelerated economic performance.
In summary, Ghana’s GDP growth has decelerated to 3.6% in Q4 2024, largely impacted by the sluggish performance of the industrial sector. Despite this downturn, the services and agricultural sectors exhibited positive growth. For the year 2024, the economy still experienced a relatively healthy increase of 5.7%.
Original Source: www.tradingview.com
