1Q 2020: Agric sector grew by 2.8% – Ofori-Atta

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Provisional estimates released by the Ghana Statistical Service (GSS) shows that overall real GDP growth was 4.9 per cent in the first quarter 2020 compared to 6.7 percent over the same period in 2019, the Finance Minister, has said.

He told Parliament on Thursday July 23 while presneting the mid year budget statement that Growth in the non-oil sector was 4.9 percent compared to 6.0 percent in the corresponding period of 2019.

The Agriculture Sector, he said recorded a growth of 2.8 percent in the first quarter of 2020 compared to 2.2 percent during the same period in 2019.

Industry Sector recorded a growth of 1.5 percent in the first quarter of 2020 compared to 8.4 percent during the same period in 2019.

Growth in the Services Sector was strong at 9.5 percent in the first quarter of 2020 compared to 7.2 percent recorded during the same period in 2019.

Regrading inflation, Mr Ofori-Atta told the legislature that  headline inflation remained flat at 7.8 percent from January until March 2020.

“Inflation, however, rose to 10.6 percent in April and further to 11.3 percent in May, reflecting the panic-buying that preceded the market fumigation exercises across the country and the partial lockdown in the two largest cities, Accra and Kumasi.

“Inflation has declined marginally to 11.2 percent in June as pressure on food prices begin to decline due to the easing the restriction,” he said.

Source: Laudbusiness.com/Ghana

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