In Q4 2024, Ghana’s GDP growth slowed to 3.6%, the lowest since Q3 2023, after a revised growth of 7.5% in the previous quarter. The industrial sector grew by only 0.2%, while services and agriculture grew by 6.3% and 2.9%, respectively. Overall, GDP growth for 2024 stood at 5.7%.
In the fourth quarter of 2024, Ghana’s economy experienced a year-on-year growth of 3.6%, marking the lowest growth rate since the third quarter of 2023. This figure follows an upwardly revised expansion of 7.5% in the preceding quarter.
The industrial sector significantly hindered overall growth, achieving only a modest increase of 0.2% after a robust 10.4% growth in the third quarter. In contrast, the services sector saw a healthy growth of 6.3%, while agriculture contributed positively with a growth rate of 2.9%.
For the entire year of 2024, Ghana’s GDP recorded a growth rate of 5.7%, reflecting the overall economic performance amidst sectoral challenges.
In summary, Ghana’s economy faced a slowdown in GDP growth, reaching its lowest level in over a year during the fourth quarter of 2024. The industrial sector’s poor performance contrasted sharply with the growth seen in the services and agriculture sectors. Despite these challenges, the GDP growth for the entire year of 2024 remained a positive 5.7%.
Original Source: www.tradingview.com
