Ghana’s Economy: Real GDP dipped 3.2% y/y in Q2-2020

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

Ogun State Resumes Monthly Environmental Sanitation this Saturday

After a long break due to COVID-19 pandemic, the Ogun state government says the monthly Environmental sanitation exercise will...

List of Mobile Banking USSD Codes For All Banks in Nigeria and how to use them

The introduction of USSD codes (Unstructured Supplementary Service Data) has changed the Nigerian banking system completely. Today, mobile banking...
- Advertisement -

Earlier in the week, Ghana Statistical Service published the country’s GDP report for Q2-2020. According to the report, the Ghanaian economy contracted for the first time since Q2-2016 amid the negative impacts of the COVID-19 induced global lockdowns as well as declines in key export commodity prices. Specifically, the country’s real GDP dipped 3.2% y/y in Q2-2020 (vs. +5.7% and +4.9% in Q2-2019 and Q1-2020, respectively).

Although the performance compares favourably to recent numbers seen in South Africa (-17.1% y/y) and Nigeria (-6.1% y/y), the sweet spots or the resilient sectors remain the same across the respective economies.

Like in Nigeria and South Africa, the Ghanaian Agriculture sector stayed resilient in Q2-2020, up 2.5% y/y while the Services and The industrial sector which contributes more than 80.0% to Ghana’s real GDP, dipped 2.6% and 5.7% respectively.

Notably, the Information & Communication industry within the Services sector, recorded the sharpest growth during the period, up 74.2% y/y as the implementation of lockdown accelerated the adoption of technology across sectors.

Meanwhile, Hotel & Restaurants recorded the steepest contraction during the period, down 79.4% amid lockdown.

Read Also:  Q2 GDP Growth Slumps to 1.94%: But there is "Fire in Soweto"
- Advertisement -

Looking ahead, Ghana remains one of the few African countries we are tracking to record economic growth by Q4-2020, under a base-case scenario. This is as the government has gradually eased lockdown measures since May-2020.

Additionally, the latest PMI data from the region suggests that economic activity has stabilized since June-2020 and is on the path of recovery.

- Advertisement -
Ghana’s Economy: Real GDP dipped 3.2% y/y in Q2-2020 - Brand SpurGhana’s Economy: Real GDP dipped 3.2% y/y in Q2-2020 - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ghana’s Economy: Real GDP dipped 3.2% y/y in Q2-2020 - Brand SpurGhana’s Economy: Real GDP dipped 3.2% y/y in Q2-2020 - Brand Spur

Latest News

Movies To Watch For Black History Month

It’s the last week of black history month and it feels like this month we had plenty of movies...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Ghana’s Economy: Real GDP dipped 3.2% y/y in Q2-2020 - Brand SpurGhana’s Economy: Real GDP dipped 3.2% y/y in Q2-2020 - Brand Spur