Ghana’s GDP (Gross Domestic Product) shrank by 1.1% year on year between July and September this year (Q3 2020), despite the government easing the COVID-19 restrictions. This compares to a 3.2% shrinkage in Q2 2020.
The non-oil GDP for the quarter shrank 0.4% year-on-year, while Industry declined 5.1% over the same period, compared with a 5.7% contraction in the previous quarter. Hotel and restaurants dropped 62%, compared with a 74.2% slump in the previous quarter.
Overall, Ghana’s quarter-on-quarter GDP contracted 0.3%.
On the other hand, South Africa’s GDP (Gross Domestic Product) rose by 66.1% between July and September this year (Q3 2020), occasioned by the uplifting of the COVID-19 restrictions. This compares to a 51% shrinkage in Q2 2020 when the nationwide lockdown was in force.
Compared to the same period in 2019, GDP shrank by 6% in the third quarter after a revised 17.5% contraction in Q2. According to its Statistics Office, this is the steepest decline since 1990, the downturn extending into the fourth quarter.
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