Statiscal Service Says TUC Demo Will Affect GDP Figures

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Officials at the Ghana Statistical Service (GSS), says it expects to see some figures dropping in the Gross Domestic Product (GDP) at the end of the day, as a result of the nationwide demonstrations and strike held by the leadership of the Ghana Trades Union’s Congress (TUC) yesterday.

Dr Philomena Nyarko, the Government Statistician, made this allusion when she released the Producer Price Index (PPI) for the month of June
in Accra.

Even though she was not forthcoming with the actual figures, she was quick to add that the GDP figures would be affected.

Buttressing her view, she said if workers do not produce goods and services for a day will affect the GDP figures of the country.

According to her, this will significantly affect the figures contained in the GDP basket at the end of the day.

The PPI figures which measures the average change over time in price received by domestic producers for the production of their goods and services for the month of June, has increased over thirty three percent

She said that from June 2013, inflation in the petroleum sector has seen consistent increase to record thirty three per cent in September 2013.

The rate fluctuated between October and December 2013, after which it increased to record fifty six percent in February 2014.

She said, the rate then declined to record 44.7 percent in March 2014, but started rising in April 2014, the rate decline to record 44.7 percent as a result of the bad drift effect from the increase in the prices of petroleum products in June 2013.

She gave the highlights as the year-on-year producer inflation for all industry was 33.1 percent in June 2014; was 0.7 percent.
She added that the utilities sub- sector recorded the highest year-on -year producer price inflation rate of 56.9 percent, followed by the mining and quarrying sub-sector with 37.3 percent with the manufacturing sector also recording inflation rate of 27.1 percent.

According to her, this indicated that manufacturing recorded a monthly inflation rate of 0.8 percent while mining and quarrying recorded 0.7 percent with utilities recording the lowest monthly rate of 0.2 percent.

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