GDP growth rate of 6.8 targeted in 2018 by government

By Kwabena Owusu-Ampratwum

The government hopes to achieve an overall Gross Domestic Product, GDP, growth of 6.8 percent for the 2018 fiscal year. 

This is contained in macroeconomic targets for 2018 outlined in the budget presentation to parliament by Finance Ministry Ken Ofori Atta.

Other targets include Non-oil GDP growth rate of 5.4 percent,  end-period inflation rate of 8.9 percent, Average inflation rate of 9.8 percent and Fiscal deficit of 4.5% percent GDP.

Others are a Primary balance (surplus) of 1.6 percent of GDP and Gross Foreign Assets to cover at least 3.5 months of imports of goods and services.

Beyond 2018, the government is also projecting in the medium term that real GDP will grow at an average rate of 6.2% between 2018 and 2021.

Inflation will be maintained in the region of 8%,  overall fiscal deficit shall remain  within the fiscal rule of 3-5 and Primary balance is expected to improve from a surplus of 0.2% of GDP in 2017 and remain around 2.0 percent in the medium term.

Mr Ken Ofori-Atta believes prudent economic management measures currently in play will ensure these targets are achieved.

Ghana News