Market Update: Economy maintains upward momentum in October 2025 – Full Analysis

Economic activity expanded by 3.8% in October 2025, supported mainly by strong performance in the services and industry sectors, according to provisional data from the Ghana Statistical Service’s Monthly Indicator of Economic Growth (MIEG).

The October reading marks an improvement from the same period a year earlier and extends a steady upward trend seen since late 2023, offering an early signal of firmer growth heading into the final quarter of the year. The MIEG index rose to 112.7 in October 2025 from 108.6 in October 2024, reflecting higher output across most major sectors of the economy.

Services emerged as the main growth engine, expanding by 5.5% year-on-year and accounting for nearly three-quarters of overall economic growth in the month. The sector contributed about 2.8 percentage points to the 3.8% expansion, driven largely by gains in information and communication as well as wholesale and retail trade activities.

Industry also showed improved momentum, recording growth of 3.0% compared with a much weaker outturn in October 2024. Manufacturing activity was the main source of strength within the sector, helping industry contribute about 1.1 percentage points to total growth.

Agriculture growth remained positive but subdued at 0.9%, reflecting the sector’s seasonal nature and slower expansion compared with the same period last year.

Presenting the figures in Accra, Government Statistician Alhassan Iddrisu said the data points to continued resilience in economic activity, while urging caution in interpretation given the provisional nature of the indicator.

“The Monthly Indicator of Economic Growth is designed to provide a timely, high-frequency signal on how the economy is performing before the release of quarterly GDP,” Iddrisu said.

“The October results show that economic activity continues to trend upward, with services and industry playing a dominant role. However, users should note that the MIEG relies on the first available data and is not seasonally adjusted, which means revisions are possible as more comprehensive information becomes available.”

He added that the strong services performance reflects structural shifts in the economy, particularly increased activity in communication and trade, which have become more prominent drivers of output in recent years.

The MIEG tracks monthly changes in economic activity using volume indicators drawn from the same data sources as the quarterly national accounts, deflated by consumer and producer price indices to remove the effects of inflation. While it does not report month-on-month growth rates due to seasonality constraints, it provides a year-on-year view of economic momentum and sectoral contributions.

Compared with October 2024, the latest figures suggest broader-based growth, with industry showing a marked rebound and services maintaining strong expansion. Agriculture’s contribution to growth was marginal, adding about 0.05 percentage points, underscoring the uneven pace of recovery across sectors.

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