Total average GDP for 2020 was 0.2% - Minister

The majority leader in Parliament Osei Kyei-Mensah-Bonsu has stated that the total Gross Domestic Products for the first quarter grew by 4.9%, with the second quarter growing by -2.3% and a -1.1 per cent in the third quarter, bringing the average GDP growth rate for the period to 0.2 per cent.

This means the economic growth keeps declining

Read full articleand it has been attributed to the impact of COVID-19 on businesses and trade activities.

He said this while presenting the 2021 budget statement on behalf of the Finance Minister in Accra.

“Mr Speaker, provisional estimates from the Ghana Statistical Service show that average overall real GDP for 2020 grew at 4.9 per cent in quarter 1, negative 3.2 per cent in quarter 2, and negative 1.1 per cent in quarter 3, bringing the average GDP growth rate for the period to 0.2 per cent, reflecting, mainly the impact of the COVID-19 pandemic on the economy. The most recent work on GDP puts the 2020 projected GDP growth outlook at 0.9 per cent.

However, in terms of sectoral performance, the Agriculture Sector grew at an average of 4.5 per cent in the first three quarters of 2020, followed by the Services Sector at 1.9 per cent, while the Industry Sector contracted by 3.1 per cent over the period.