Revised GDP for 2010 underscores increasing dominance of the services sector

The revised GDP estimates for 2010 have confirmed the growing importance of the services sector to the economy.

The sector, which took over from agriculture as the largest contributor to national income in 2006 after the rebased GDP figures were released last year, now contributes nearly 52 percent.

It is followed by the agriculture sector which has a contribution of 30 percent with industry, the least contributor with 18.6 percent.

The services sector is also the fastest growing at 9.8 per cent, whiles agric had the least growth of 5.3.

Government Statistician, Dr. Grace Bediako however explained to Joy Business the impressive performance of the services sector is not necessarily at the expense of the other sectors.

“What is happening [is that] you have one whole – 100 per cent – that you are distributing across three sectors; substantial growth in one sector can push that sector to gain more ground than the other; it doesn’t mean that agric productions has fallen, what it means is the volume, value of the production of goods and services has changed, the balance has changed but still agric will be quite substantial,” she said.

Meanwhile the Statistical Service says the release of figures on the performance of the economy for each quarter should help give an accurate picture of the economy after every three months.


Source: Joy Business/Ghana