The overall real gross domestic product (GDP) growth for 2023 has been revised to 1.5% from 2.8%, the Minister for Finance, Ken Ofori-Atta has said.
Ofori-Atta said the non-oil real GDP growth has also been revised to 1.5% from 3.0%.
Presenting the 2023 Mid-Year Budget Review in Parliament on Monday (31 July), the minister said: “the downward revision in projected growth for 2023 is an indication of a broad slowdown in the three sectors of the economy as a result of factors such as the fiscal consolidation plan and difficult global conditions.”
He added: “Mr. Speaker, overall GDP Growth is, however, projected to rebound to 2.8 percent, 4.7 percent, and 4.9 percent in 2024, 2025 and 2026, respectively.
“This is a result of implementation of growth-oriented and structural transformation strategies in the PC-PEG. We have, however, been charged in the PC-PEG to develop an enhanced Growth Strategy supported by crowding in of private domestic and foreign investments to further boost growth. We are confident of a private sector outlook to boost growth and jobs,” Ofori-Atta said.
The minister also revised the end-period headline inflation to 31.3% from the initial end of year inflation target of 18.9%.
Ofori-Atta added: “Indeed, as the Psalmist said (in Psalm 118:23) this is the LORD’s doing; and it is marvellous in our eyes. This ‘turning the corner’ is underpinned by the investments and sacrifices we have collectively made during this difficult period since March, 2020.”