Ghana’s GDP increases by 4.8% in 2022 second quarter – GSS



Ghana’s Gross Domestic Product (GDP) growth rate has increased by 4.8 percent in the second quarter of 2022, the Ghana Statistical Service (GSS) has announced.

This was compared to the 4.2 percent growth in the same period for 2021.

“Provisional real quarterly gross domestic product (QGDP) growth rate, including Oil and Gas, is 4.8 percent (year on year) in the second quarter of 2022.

“In the same period of 2021, the growth was 4.2 percent,” the GSS said in a statement on Tuesday, September 20.

Forever Product

The Producer Price Inflation rate for September 2022 was 46 percent. This rate indicates that between August 2021 and August 2022 (year-on-year), the PPI increased by 46.0 percent.

This rate represents a 4.8 percentage points increase in producer inflation relative to the rate recorded in July 2022 (41.2%).

The month-on-month change in the producer price index between July 2022 and August 2022 was 4.0 percent.

In August 2022, one out of the sixteen major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 61.7 percent. Manufacture of coke, refined petroleum products, and nuclear fuel recorded the highest inflation rate of 170.3 percent, with the Manufacture of machinery and equipment
recording the least inflation rate of 3.7 percent.

The producer inflation rate in the petroleum sub-sector was 25.3 percent in August 2021. After that, it increased continuously to 58.4 percent in November 2021 but dropped to 36.0 percent in January 2022. Between February and August 2022, the rate increased consistently from 44.3 percent to 170.3 percent.

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By Laud Nartey||

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