Ghana: Hotel and Restaurants Recorded 1.4% GDP Growth Rate for the Third Quarter of 2017

Hotel and Restaurants in Ghana contributed 1.4% to the nation’s Gross Domestic Product (GDP) for the third quarter of 2017. This was disclosed by the Ghana Statistical Service on Wednesday, December 20. 

The rise marks a potential turnaround for the industry, which grew at 0.4% in the 2nd quarter of 2017. Meanwhile, the services sector recorded a growth rate of 5.7%.

The various sub-sector; Health and Social Works grew by 5.4 percent compared to the 4.5 percent growth rate recorded in the 2nd quarter of 2017. The Public Administration, Defence and Social Security sub-sector grew by 3.5 percent in the 3rd quarter of 2017 compared to 0.5 percent in the 2nd quarter of 2017. The least growth rate of -1.0 percent was observed in the Finance and Insurance sub-sector.

Interestingly, Transport and storage this time around recorded growth of 1.1% compared to 0.2 percent in the 2nd quarter of 2017.

Real Gross Domestic Product for the 3rd quarter of 2017 grew by 9.3% (year-on-year) compared to 4.6% recorded for the 3rd quarter of 2016. The Industry sector recorded the highest growth of 16.6%; the Agriculture sector followed with 10.0% and Services with 5.7%.