In the first quarter of 2023, the provisional Gross Domestic Product (GDP) growth in the real sector exceeded expectations, showing significant improvement, according to the Bank of Ghana (BoG).

According to the latest data from the Ghana Statistical Service, the real GDP grew by 4.2 percent during this period, surpassing the 3.0 percent recorded in the corresponding quarter of 2022.

The Central Bank made this known in its Monetary Policy Committee Press Releasedated 24th July, 2023.

Non-oil GDP growth also experienced substantial growth, reaching 5.5 percent compared to 3.7 percent in the same period of 2022.

The notable growth was primarily driven by the Services and Agricultural sub-sectors, which recorded growth rates of 10.1 percent and 4.8 percent, respectively.

However, the Industry sub-sector faced challenges and contracted, experiencing a decline of 3.2 percent.

Source: The Independent Ghana