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The current Gross Domestic Product (GDP), including oil, for the fourth quarter of 2014 was estimated at GH¢32,258. 2 million.

The corresponding estimate for third quarter of 2014 was GH¢28,310.5 million, the Ghana Statistical Service (GSS) yesterday revealed at a press conference.

It said the current GDP estimate (excluding oil) for fourth quarter of 2014 was GH¢30,380.2million, adding that the value recorded for third quarter of 2014 was GH¢26,530.8 million.

According to the Statistical Service, the constant GDP estimate (including oil) for fourth quarter of 2014 was GH¢9,193.3million while that for the third quarter of 2014 was GH¢8,901.8 million.

GSS said the constant GDP estimate (excluding oil) for fourth quarter of 2014 was GH¢8,704.9 million, noting that the value recorded for third quarter of 2014 was GH¢8, 398.3 million.

“The year-on-year quarterly GDP growth rate for the fourth quarter of 2014 was 4.6 percent compared to a rate of 2.7 percent recorded for the fourth quarter of 2013,” the GSS said.

It said the quarter-on-quarter GDP growth rate (seasonally adjusted) recorded for the fourth quarter of 2014 was 1.2 percent. The rate for the third quarter of 2014 was 2.6 percent.

The GSS said the annual GDP estimate for 2014 at current prices was GH¢112,610.6 million while that for 2013 was GH¢93,415.9 million.

“In constant terms, the 2014 annual GDP was estimated at GH¢33,539.7 million. The corresponding figure for 2013 was GH¢32,237.0 million.

“Finally, the annual growth rate for 2014 was 4.0 percent while that for 2013 was 7.3 percent,” it said.

Sectoral GDP

The year-on-year quarterly GDP growth rate for agriculture was 7.0 percent for the fourth quarter of 2014.

The forestry sub-sector recorded the highest annual growth rate of 36.0 percent while the livestock sub-sector recorded the lowest growth rate of 3.6 percent.

The year-on-year quarterly GDP growth rate for the industry sector was -2.7 percent for the fourth quarter of 2014.

The manufacturing sub-sector recorded the highest year-on-year quarterly GDP growth rate of 3.4 percent for fourth quarter of 2014, while the electricity sub-sector recorded the lowest (-11.1 percent).

The services sector recorded a year-on-year quarterly growth rate of 8.2 percent for the fourth quarter of 2014.

Information & Communication sub-sector recorded the highest year-on-year quarterly GDP growth rate of 22.2 percent whilst the health sub-sector recorded the lowest growth rate of -1.8 percent.

In 2014, the services sector had the highest share of annual GDP (49.6 percent), followed by the industry sector with a share of 28.4 percent.

The agriculture sector recorded the least share of 22.0 percent.