Ag. GOVERNMENT statistician Release of the provisional GROSS DOMESTIC PRODUCT (GDP) for SECOND quarter 2017 by Mr. baah wadieh Ag. GOVERNMENT statistician GDP Presentation September 27, 2017

IN THIS RELEASE, We present… Revised Annual GDP for 2016 Memorandum items Provisional GDP estimates for second quarter of 2017 Revised GDP estimates for the first quarter of 2017 Highlights GDP Presentation September 27, 2017

The Gross Domestic Product (GDP) The Gross Domestic Product (GDP) measures the value of final goods and services produced in the country. Two key indicators are presented in this release: Quarterly GDP which measures the value of final goods and services within a period of three months or one quarter. Annual GDP which measures the value of final goods and services within a period of twelve months or one year. GDP Presentation September 27, 2017

GDP Estimation Process The estimation of the GDP is done in stages, with the 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 provisional GDP estimates for the second quarter of 2017, revised GDP estimates for first quarter of 2017 and revised annual GDP estimates 2016. Further revisions to the 2017 GDP estimates will be carried out in December 2017. GDP Presentation September 27, 2017

REVISED 2016 ANNUAL GDP ESTIMATES GDP Presentation September 27, 2017

Revised Annual Current GDP (Oil & Non-Oil) for 2016 The revised current GDP estimate (incl. Oil) for 2016 is GH₵167,353.4 million. The revised current GDP estimate (excl. Oil) for 2016 is GH₵164,098.7 million. GDP Presentation September 27, 2017

Percentage Distribution Revised Sectoral Distribution of 2016 Annual GDP Estimate at Basic Prices (GH₵ million) Sector GDP Estimate Percentage Distribution Agriculture Industry Services GDP at basic prices (including FISIM) GDP at purchaser’s value (including FISIM and net indirect taxes) 29,565.3 37,964.9 88,946.3 156,476.6 167,353.4 18.9% 24.3% 56.8% 100.0% GDP Presentation September 27, 2017

Revised Annual Constant GDP (Oil & Non-oil) for 2016 The revised GDP estimate (incl. Oil) at constant prices for 2016 is GH₵36,103.6 million. The revised GDP estimate (excl. Oil) at constant prices for 2016 is GH₵34,378.7 million. GDP Presentation September 27, 2017

Revised Annual GDP Growth Rate for 2016 (Inc. Oil) is 3.7% Revised Sectoral GDP Growth Rate for 2016 (incl. Oil) Sector 2016 Revised (April 2017 edition) 2016 Revised (Sept. 2017 edition) Overall 3.5 3.7 Agriculture 3.0 Industry -1.4 -0.5 Services 5.7 GDP Presentation September 27, 2017

Memorandum Items Economic Aggregate 2015 2016* Population estimate (million) 27.7 28.3 Exchange rate, Interbank average (₵/$) 3.78 3.92 Current GDP, incl. Oil (million GH₵) 136,957 167,353 Current GDP, excl. Oil (million GH₵) 131,647 164,099 Current GDP, incl. Oil (million US$) 36,264 42,685 Current GDP, excl. Oil (million US$) 34,858 41,855 Per capita GDP (GH₵) 4,950 5,911 Per capita GDP (US$) 1,311 1,508   Growth Rates GDP (incl. Oil) at constant 2006 prices 3.8 3.7 Non-Oil GDP at constant 2006 prices 4.0 5.0 Change in GDP deflator 16.4 17.8 *Revised GDP Presentation April 26, 2016

PROVISIONAL 2017 Q2 GDP ESTIMATES GDP Presentation September 27, 2017

Provisional 2017 Q2 GDP at Current Prices (Oil & Non-Oil) The provisional 2017 Q2 GDP estimate (incl. oil) at current prices at purchaser’s value1 is GH₵45,358.5 million. The estimate for 2016 Q2 was GH₵38,061.5 million. The provisional 2017 Q2 GDP estimate (excl. oil) at current prices at purchaser’s value1 is GH₵43,364.1 million. The value for 2016 Q2 was GH₵37,641.6 million. 1Includes FISIM and Net Indirect Taxes GDP Presentation September 27, 2017

Sectoral Distribution of 2017 Q2 GDP Estimate (GH₵ million) Percentage Distribution Agriculture Industry Services GDP at basic prices (including FISIM) GDP at purchaser’s value (including FISIM and net indirect taxes) 4,904.8 11,357.9 26,513.8 42,776.5 45,358.5 11.5% 26.5% 62.0% 100.0% GDP Presentation September 27, 2017

Provisional 2017 Q2 GDP at Constant 2006 Prices (Oil & Non-oil) The constant GDP estimate (incl. oil) for Q2 of 2017 is GH₵8,835.9 million while the estimate for Q2 of 2016 was GH₵8,105.5 million. The constant GDP estimate (excl. oil) for Q2 of 2017 is GH₵8,200.6 million. The value recorded for Q2 of 2016 was GH₵7,884.9 million. GDP Presentation September 27, 2017

Provisional 2017 Q2 GDP Growth Rates The provisional 2017 Q2 Real GDP (incl. Oil1) grew by 9.0% year-on-year compared to 1.1% recorded for 2016 Q2. The non-Oil provisional 2017 Q2 Real GDP grew by 4.0% year-on-year compared to 5.5% recorded for 2016 Q2. Quarter-on-quarter seasonally adjusted 2017 Q2 GDP grew by 2.0% compared to 1.5% recorded for 2017 Q1. Note: incl. Oil1 means Oil and Gas GDP Presentation September 27, 2017

Seasonally Adjusted Constant GDP (GH₵ million) Quarter-on-Quarter GDP Growth for the 2nd Quarter of 2017 (Seasonally Adjusted) The quarter-on-quarter seasonally adjusted GDP growth rate for the 2nd quarter of 2017 was 2.0%. This means that the value of goods and services produced in the 2nd quarter of 2017 grew by 2.0% over the value recorded in the 1st quarter of 2017.   Quarter Seasonally Adjusted Constant GDP (GH₵ million) GDP Estimate Growth Rate (%) 2016Q2 8,808.5 0.3 2016Q3 8,916.6 1.2 2016Q4 9,025.9 2017Q1 9,158.6 1.5 2017Q2 9,341.2 2.0 GDP Presentation September 27, 2017

Quarterly GDP for the Agriculture Sector The year-on-year quarterly GDP growth rate for Agriculture is 3.4% for the second quarter of 2017. The Crops sub-sector recorded the highest year-on-year growth rate of 8.3% while the Fishing sub-sector recorded the lowest growth rate of -17.6%.   Agriculture Sub-sector GDP Q2 2016 (GH₵ million) Q2 2017 Y/Y Change Rate (%) Crops 598.9 648.6 8.3 o/w Cocoa 64.0 74.0 15.6 Livestock 142.5 150.5 5.6 Forestry & logging 196.8 198.6 0.9 Fishing 131.6 108.4 -17.6 Total 1,069.8 1,106.2 3.4 GDP Presentation September 27, 2017

Quarterly GDP for the Industry Sector The year-on-year quarterly GDP growth rate for the Industry sector is 19.3% for Q2 of 2017. The Mining & Quarrying sub-sector recorded the highest year- on-year quarterly GDP growth rate of 75.0% for Q2 of 2017, while the Construction sub-sector recorded the lowest (0.8%). Industry Sub-sector GDP Q2 2016 (GH₵ million) Q2 2017 Y/Y Change Rate (%) Mining and Quarrying 426.8 746.9 75.0 o/w Oil and Gas 220.6 635.3 188.0 Manufacturing 629.5 671.1 6.6 Electricity 59.1 64.0 8.4 Water & Sewerage 74.0 83.8 13.3 Construction 790.7 796.9 0.8 Total 1,980.2 2,362.7 19.3 GDP Presentation September 27, 2017

Quarterly GDP for the Services Sector For the second quarter of 2017, the Services sector recorded a year-on-year quarterly GDP growth rate of 5.6%. The Health and Social Work sub-sector recorded the highest year-on-year quarterly GDP growth rate of 18.3% while the Hotel and Restaurants sub- sector recorded the lowest growth rate of 1.0%. Services Sub-sector GDP Q2 2016 Q2 2017 Y/Y Change Rate (%) Trade, Repair of Vehicles, Household Goods 668.8 690.0 3.2 Hotels & Restaurants 334.3 337.7 1.0 Transport & Storage 1,026.7 1,040.9 1.4 Information & Communication 818.4 946.1 15.6 Financial & Insurance Activities 420.6 426.2 1.3 Real Estate & Other Service Activities 342.4 368.4 7.6 Public Administration 354.6 361.4 1.9 Education 371.4 406.9 9.6 Health & Social Work 144.0 170.4 18.3 Community, Social & Other Personal Service Activities 347.2 351.8 Total 4,828.4 5,099.8 5.6 GDP Presentation September 27, 2017

Highlights The revised annual GDP estimate for 2016 at current prices is GH₵167,353.4 million. The corresponding per capita GDP for 2016 is GH₵5,911. The 2016 revised annual GDP at constant prices is estimated at GH₵36,104 million. The revised annual growth rate for 2016 is 3.7%. GDP Presentation September 27, 2017

Highlights (cont’d.) The Q2 2017 GDP (Incl. Oil) at current prices was estimated at GH₵45,358.5 million. The corresponding value recorded for Q2 2016 was GH₵38,061.5 million. In constant terms, the Q2 2017 GDP was estimated at GH₵8,835.9 million. For Q2 2016, the estimated value was GH₵8,105.5 million. The year-on-year quarterly GDP growth rate for Q2 2017 was 9.0% compared to the 1.1% recorded for Q2 2016. The quarter-on-quarter GDP growth rate (seasonally adjusted) for Q2 2017 was 2.0%. The rate recorded for the first quarter of 2017 was 1.5%. GDP Presentation September 27, 2017

Thank you for your attention GDP Presentation September 27, 2017