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 & Gas sub-sector
The Year-on-Year 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 Quarter-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%).