Question

Explain the methods used by Ghana Statistical Service in the measurement of economic activity in the country Ghana.

Answer 1

National Account System requires the execution of complete and steady accounting techniques for measuring the economic activity of a nation.

Ghana presently uses the Gross Domestic Product, Supply and Use Tables and Social Accounting matrix methods to measure the economic activities carried out in the country.

Gross Domestic Product (GDP) is the entire value of time, particularly annually or quarterly. Ghana has continuously been compiling quarterly estimates since 2013.

Fundamentally, the normal and real GDP are calculated across the globe. Nominal GDP evaluates are normally used to decide the structure of te economy whereas real GDP provides users the posibility to evaluate economic performance even among sectors. There are three methods selected for producing GDP. Ghana presently produces GDP evaluate using the spending and production method.