Real GDP including oil for the second quarter of 2018 grew by 5.4 per cent year on year.
Even though it could be a slow growth as compared with the 11.1 per cent, the figure recorded same period last year, Acting Government Statistician, Baah Wadieh explains that it is as a result of the base year and expansion in the economy between the periods.
The quarter on quarter growth estimates provides a short-term picture of the current economic developments in the country.
“So far as there is positive growth, it means the economy grew but the number is lower because of the base figure for the calculation” he noted.
According to him, there was a significant growth in the oil sector in 2017 second quarter due to the coming on stream of TEN fields after the ITLOS ruling.
“There was much activity in the oil and gas sector, for instance, oil grew for more than 200 per cent as well as industry growing about 50 per cent during the second quarter of 2017.”
Sectorial growth
The industrial sector led the growth rate with 11.1 per cent followed by the Agricultural sector rate of 4.8 and services 0.5 per cent.
Meanwhile, provisional growth without oil for the second quarter of 2018 stood at 5 per cent as compared with 6.7 per cent for the same period in 2017.
The services sector contributed the highest rate of 48.4 per cent to the share of the growth with industry contributing 35.1 per cent and Agricultural 16.5 per cent.
Producer price inflation
Meanwhile, the Producer Price Inflation rate for September 2018 was 5.6 per cent between the same periods last year. This indicates a 1.4 percentage point reduction in producer price inflation relative to the 7.0 per cent rate recorded in August 2017.
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