The Year-on-Year change in the Index of Industrial Production (IIP) for the second quarter (Q2) of 2024 grew by 8.2 percent, data from the Ghana Statistical Service (GSS) has shown.
By this, on average, production in the industry sector grew by 8.2 percent in 2024 on average compared to the second quarter in 2023.
The IIP measures changes over time in production volumes for the industry sector.
According to the GSS, the Manufacturing sub-sector grew by 8.3 percent in the second quarter of 2024 while Mining and quarrying grew by 9.2 percent in the same period.
Electricity and Gas declined by 1.4 percent while Water Supply, Sewage, and Waste management grew by 1.2 percent.
The Quarter-on-Quarter change for the second quarter of 2024 was 0.3 percent.
This means that on average, production in the industry sector grew by 0.3 percent in the second quarter of 2024 as compared to the first quarter of 2024.
Mining and Quarrying Sub-sector
The Year-on-Year change in IIP for the Mining and quarrying sub-sector was 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.
Manufacturing Sub-sector
The Year-on-Year change in the IIP for Manufacturing was 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.
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 Quarter-on-Quarter 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, manufacture of food products experienced the highest Q-Q decline (-12.3%) in production.
Electricity and Gas Sub-sector
The Year-on-Year change in the IIP for Electricity and Gas is -1.4%. Thus, production for this sub[1]sector declined by 1.4 percent in Q2 of 2024 compared to Q2 of 2023 The Quater-on-Quarter 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.
Water Supply, Sewerage and Waste Management Sub-sector
The Year-on-Year 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. The Q-Q change in the IIP for this sub-sector is 2.8 %. Thus, relative to Q1 of 2024, the IIP in 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%).
Latest Stories
-
Speaker Bagbin declares 4 Parliamentary seats vacant
7 mins -
Full text: NDC statement on EC’s disqualification of Amenfi Central parliamentary candidate
23 mins -
EC’s decision to disqualify Joana Cudjoe baseless; a slap in the face of our democratic principles – NDC
27 mins -
We’ll not allow the abuse of power go unchecked – NDC on EC’s disqualification of Amenfi Central PC
32 mins -
Kamaldeen passed fit for Southampton’s game against Leicester
35 mins -
Ghana’s Path Toward Long-term Electoral Integrity: The role of blockchain technology
48 mins -
Nneka Youth Foundation celebrates International Day of the Girl Child at Ningo Prampram
58 mins -
Anyone can report an MP who crosses carpet or opts to run as independent – Prof Abotsi
1 hour -
Rural & Community Banks commit to deepening financial inclusion at ARB Apex Bank annual CEOs Conference
1 hour -
Expanding frontiers of rural banking; Dr Toni Aubynn urges gov’t support at 23rd annual CEOs conference
1 hour -
I understand the struggles of ordinary Ghanaians; I’m from the streets – Bawumia
2 hours -
NRSA to launch app to help in reporting reckless driving
2 hours -
VRA Senior Staff storm Parliament over proposed merger with Bui Power Authority
2 hours -
Woman becomes police officer to catch her father’s killer, arrests him 25 years later
2 hours -
Legon Botanical Garden closure won’t affect Adom FM Family Kolor Paaty
2 hours