Agric sector tops all as GSS releases GDP details for Q1 of 2020
- The agriculture sector performed better than other sectors in Ghana, according to the Ghana Statistical Service
- This is the first time it has recorded such a performance since the rebasing of the economy in 2013
- A 14.1% growth in the fishing industry in 2020 Q1 contributed to the performance of the sector
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Ghana’s agricultural sector came out tops per the latest details presented by the Ghana Statistical Service (GSS) with respect to the first quarter of the year 2020.
Information available shows it performed better than the industrial sector in terms of growth.
This is reportedly the first time in history it has performed so well since the economy was rebased in 2013.
Source: UGC
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Per a report by thebftonline.com, this comes at a time when the economy is the least attractive to investors and banks.
YEN.com.gh understands that the agricultural sector grew by 5.9% in Q3 of 2019, 6.8% in the following quarter, and 2.8% in 2020 Q1.
The industrial sector, on the other hand, grew by 5.7%, 5.4%, and 1.5% respectively in the same periods.
The report shows that the boost in the agric industry could be attributed to the fishing sector which has been showing signs of recovery in recent times.
The fishing sector reportedly grew by 14.1% in 2020 Q1 compared to a 1.5% contraction a year ago.
In other news, revenue from crude oil dropped by 5% in 2019 even though production increased by 15%.
Production of crude oil increased from 62,135,435.07 barrels in 2018 to 71,439,585 barrels the following year.
However, revenue, sourced from royalties, Carried And Participating Interest (CAPI), corporate income taxes, surface rentals, and income earned fell to $925 million in 2019 from $977 million in 2018.
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Source: YEN.com.gh
