Production in industry sector sees 8.2 % growth in 2024 Q2

The Year-on-Year (Y-o-Y) change in the Index of Industrial Production (IIP) for 2024 Quarter two (Q2)2 is 8.2 percent, the Ghana Statistical Service (GSS) has stated.

According to the GSS, this means that, on average, production in the industry sector grew by 8.2 percent in 2024 Q2 compared to 2023 Q2.

Explaining the sub-sector changes, the GSS noted that Manufacturing grew by 8.3 percent in 2024 Q2.

It noted that Mining and quarrying grew by 9.2 percent in 2024 Q2.

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“The Y-Y change in IIP for the Mining and quarrying sub-sector is 9.2 percent. This means that, on average, production in the Mining and quarrying sub-sector grew by 9.2 percent in Q2 of 2024 compared to Q2 of 2023. The Q-Q change in the IIP for this sub-sector is 0.3 percent. This means that, on average, production in the mining and quarrying sub-sector grew by 0.3 percent in
Q2 of 2024 compared to Q1,” GSS explained.

For Electricity and Gas, it declined by 1.4 percent in 2024 Q2.

“The Y-Y change in the IIP for Electricity and Gas is -1.4%. Thus, production for this sub-sector declined by 1.4 percent in Q2 of 2024 compared to Q2 of 2023 The Q-Q change in the IIP for this sector is -4.3 percent. This means that, on average, production in the Electricity and gas sub-sector declined by 4.3 percent in Q2 compared to Q1 of 2024,” GSS stated.

Again, the GSS noted that Water Supply, Sewage, and Waste management grew by 1.2 percent in 2024 Q2.

The GSS added that,”The Y-Y change in the IIP for the Water Supply, Sewage, and Waste Management is 1.2%. Thus, production in the Water Supply, Sewage, and Waste Management sub-sector on average, grew by 1.2 percent in Q2 of 2024 as compared to Q2 of 2023,” GSS stated.

It added that,”The Q-Q change in the IIP for this sub-sector is 2.8 %. Thus, relative to Q1 of 2024, the IIPin this sub-sector increased by 2.8 percent in Q2. Waste collection experienced a drop in Q2 production (-4.8%) compared to the last quarter (0.9%).”

Meanwhile, it stated that the Quarter-on-Quarter (Q-o-Q) change in IIP for 2024 Q2 is 0.3 percent.

“This means that, on average, production in the industry sector grew by 0.3 percent in 2024 Q2 as compared to 2024 Q1,” GSS explained.

GSS again noted that,”The Y-Y change in the IIP for Manufacturing is 8.3 percent. Thus, production levels in the manufacturing sub-sector, on average, grew by 8.3 percent in Q2 of 2024 compared to Q2 of 2023.”

Also, it stated that,”The Manufacture of other transport equipment recorded the highest growth (20.9%), while the production of coke and refined petroleum products declined by 1.8 percent. The Q-Q change in IIP is 0.7 percent, indicating that on average, production in the manufacturing sub-sector grew by 0.7 percent in Q2 compared to Q1 of 2024. The manufacture of basic metals has the highest Q-Q growth in production volume (18.5%). In contrast, the manufacture of food products experienced the highest Q-Q decline (-12.3%) in production.”

Ghana| Atinkaonline.com| Porcia Oforiwaa Ofori