1. 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

2. 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

3. 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

4. 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 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

5. REVISED 2016 ANNUAL GDP ESTIMATES
GDP Presentation September 27, 2017

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

7. 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

8. 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, million.
GDP Presentation September 27, 2017

9. 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 edition)
Overall
3.5
3.7
Agriculture
3.0
Industry
-1.4
-0.5
Services
5.7
GDP Presentation September 27, 2017

10. 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

11. PROVISIONAL 2017 Q2 GDP ESTIMATES
GDP Presentation September 27, 2017

12. 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

13. 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

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

15. 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 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

16. 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

17. Quarterly GDP for the Agriculture Sector
The year-on-year quarterly GDP growth rate for Agriculture is % 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

18. 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

19. 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

20. 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

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

22. Thank you for your attention
GDP Presentation September 27, 2017