COVID-19: Ghana’s informal sector records lowest GDP in 6 years
- Ghana's informal sector has reportedly recorded the lowest Gross Domestic Product (GDP) since 2014
- The Ghana Statistical Service (GSS), however, reports that the informal sector grew by 5.9% in 2019 against 2.6% in 2018
- The outbreak of the coronavirus also presents a challenge to the informal sector as it has brought businesses to a standstill
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YEN.com.gh has learned that Ghana’s informal sector has recorded the lowest Gross Domestic Product (GDP) in 6 years.
This comes at a time when the country recorded a growth rate which more than doubled the figure recorded in 2018.
Information from the Ghana Statistical Service (GSS) shows that the informal sector grew by 5.9% in 2019 against 2.6% in 2018.
Source: UGC
READ ALSO: Inflation remains unchanged at 7.8% - GSS
Per a report by thebftonline.com, the informal sector declined by 1.6% point to 27% in 2019.
In the year 2014, the sector contributed 29.2% to GDP but declined to 28.1% and 28.6% in 2013 and 2012.
YEN.com.gh understands that the decline in contribution to GDP is likely to be a better option, compared to the economic effects of the outbreak of the coronavirus.
Information available shows that the economy is expected to record its slowest growth of 1.5% in 37 years since the infamous 1983 drought when it was plunged into a recession.
YEN.com.gh earlier reported that the Ghana Statistical Service (GSS) reports that Ghana’s economy grew by 6.5% in the year 2019.
This is according to revised estimates by the Service and has been compared with the 6.3% recorded in 2018 and 8.1% recorded in 2017.
The economy also recorded a growth of 5.8% of the Gross Domestic Product (GDP) for the non-oil sector.
READ ALSO: Ghana's per capita has slightly fallen;p no change in living standards since 2019 - GSS
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Source: YEN.com.gh
