The country’s Gross Domestic Product (GDP) for the second quarter has dipped to 2.5 percent from the 4.8 percent recorded in the first quarter of 2016, the Statistical Service disclosed Thursday.
The sharp fall comes on the back of the technical challenges on the FPSO Kwame Nkrumah which decelerated oil production,officials say.
“We saw a 49 percent decline in oil and gas and that affected the overall decline,” Government Statistician, Dr. Philomena Nyarko, told a press conference. “The mining and quarrying sub-sector also saw a growth rate of -29 percent. So we think this accounted for the decline in the overall GDP growth.”
The agric sector, however recorded an upward growth of 4.1 percent from the 3.5 percent recorded in the first quarter making it the only sector that recorded growth.
Government Statistician Dr Phelomina Nyarko explains ‘the economy is growing but not at the same rate as in the first quarter, when it was 4.8 percent unrevised.
The services sector recorded a 6 percent growth, down from the 7.1 percent recorded in the first quarter. Industry experienced a sharp dip of -5 percent from 1.4 percent in quarter one of 2016.
The overall economy though, continuous to experience a downward trend; the fourth quarter of 2014 saw a drastic decline of 5.4 percent, followed by 4.2, 3.8, 3.5, and 4.2 percent in the four quarters of 2015.
The situation makes doubtful the 2016 GDP target of 3.9 percent, although the Statistical Service is hopeful a return to normal oil production could make it possible.
